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Not only did the lenders sidestep (read that to mean avoid) paying billions of dollars in fees to local governments, they paid themselves from the fees that MERS collected.
MERS is facing class-action lawsuits and civil racketeering suits around the country and their members are being individually named in all these suits. One suit alleges that MERS owes California a potential $60 billion to $120 billion in unpaid land-recording fees.
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As long as our clerks of court focus on collecting $1 per page for court we'll be fine.
Tax Cheat Ping
Article aims at banks but misses property taxes and insurance!
If home is in foreclosure not only are banks not being paid but Counties are not getting property tax and insurance companies aren’t getting paid also.
Translated, look for layoffs in County, School, and other down stream County departments. Look for insurance companies to raise rates to cover losses.
Look, the US banking system is a disaster. It absolutely, positively is failing and needs to fail. Having the US banking system be "crushed" is the first, necessary step on the road to recovery.
History is full of collapsed money systems. Richmond 1865, Berlin 1945, Peiping 1949, Havana 1959 are all recent examples.
Yes, everyone's savings are going to be wiped out, but, if they are denominated in USD, they're gone already. Most people just don't know it.
We can't start over, in the way we need to, until the system falls.
The collapse of the Federal Reserve, a/k/a the Third Bank of the United States won't be the END of the US economy. It will be the BEGINNING.
Burn, baby, burn!
So here’s the question that I would like to see answered.
I currently rent and am concerned about what would happen if my landlord were to have this property foreclosed upon due to this mess. I don’t think this would happen, but I can see how it could.
What are my rights in this instance? If the bank forecloses on the house and my landlord contests it, where do I stand, legally?
The MERS problem is also outlined in a rather long and exhaustive paper in the Cincinnati Law Review. The salient point is here:
With these services on offer, the mortgage finance industry quickly and wholeheartedly embraced recording and foreclosing its mortgage loans in MERS’s name, rather than the actual parties in interest. Instead of legislation or a landmark court ruling, mortgage industry insiders report that the key development in the acceptance of MERS was the endorsement of credit rating agencies such as Moody’s, Standard and Poor’s, and Fitch Investment. 71 For example, in 1999-before any significant appellate judicial opinion on the subject-Moody’s Investors Services issued a report concluding that MERS’s mechanism to put creditors on notice of a mortgage would not be harmed. 72 Moody’s concluded without citation to any court opinion, or even to any state recording statute, that “subsequent creditors of the entity selling the mortgages to the MBS [mortgage backed securities] transactions [sic] should not be able to contest the conveyance of the mortgages based on lack of notice. 73
Got that?
The agencies concluded without any legal justification whatsoever that this was all ok.
Since when does a ratings agency trump State Law?
more here
http://market-ticker.org/akcs-www?post=170097
And Here’s Another One: Georgia
These are getting rather, well, numerous. Kinda like rabbits...
The claims here are familiar - MERS has no standing because MERS has no ownership interest. As a nominee MERS has no power beyond that of the underlying entity it serves as an agent of, and that agent must be identified and prove up it’s interest.
This is pretty black-letter stuff, and people are starting to figure it out.
Plaintiff shows herein that MERS’ foreclosure on Plaintiff’s property was not valid and was wrongful, as are those foreclosures by MERS on the property in the State of Georgia of all similarly situated persons to the Plaintiff wherein MERS sent the notice of foreclosure to the debtor and wherein MERS purports to have exercised the power of sale and auctioned the property. MERS does not have the authorized power to send a valid notice of foreclosure within the State of Georgia for those deeds where it is “solely a nominee” and does not have the authority or power under Georgia law to foreclose on a property or engage in an auction of sale on such property where is is “solely a nominee” on such deeds.
As a result of such unifonn, wrongful conduct by MERS, the Court must, inter alia: I) invalidate the foreclosure sale, 2) order as void the Foreclosure Deed (or Deed Under Power); and/or 3) restore equitable or legal title, if possible, as it existed just prior to the foreclosure sale and award compensation for any damages suffered as a result of MERS’ actions. Alternatively, the Court should impose a constructive trust over the proceeds from, or the value of the property as determined by, any such foreclosure auction.
It’s about damn time.
Dustin Rollins v Mers Class Action Suit
http://market-ticker.org/akcs-www?post=170215
If Carter, Clinton, and Obama had not forced banks to make loans to unqualified people the banks would not have been in position to have to try to protect themselves.
Starting to get nervous about the JP Morgan stock I own. Sometimes it’s the only thing saving my portfolio and other times it’s the only thing going down. My broker asked me why I wanted to hold on to it but he couldn’t give any reason not to. What do you all think?
sfl