Posted on 06/10/2011 12:41:30 PM PDT by Palter
What exactly does this all accomplish? Destroying what little confidence is left in the financial markets? Giving deadbeats free houses free and clear?
In a nut shell - WTF does this mean in plain language ???
I’m foreclosing on your screen name ping!
bump for later
Ownership was not transferred via MERS.
It upholds the rule of law.
Otherwise, any bank, anywhere in the mortgage industry, could claim that they can foreclose on you.
We have laws for a reason.
Accomplish? It restates simple title law. If you don’t have the title, you don’t own it. Pretty much a basic thing in a functioning Republic.
What it means is that you have to actually have legal title to a property if you expect a court to uphold your claim in foreclosure. What’s really sad, it all the people who invested in real estate backed securities. They ultimately are going to be the losers as I see it. They bought stock investments in mortgages that were part of bundles of mortgages. But the banks have not gone to the trouble to do the paperwork required to maintain the chain of custody of the properties involved. Ergo, the investors ultimately loose their investments and the banks and brokerages skate with the money, which is nothing new now is it!
Well a few things that it accomplishes is that no matter how big your ‘To Big To Fail’ company is it has to abide by the same law that everyone else has to. It also establishes that no matter how much forgery, perjury and Fraud on the Court you commit the law is the law and will be up held.
As far as people’s failure to abide by a civil contract that is and continues to be wrong, but it is dwarfed in comparison to the massive, blatent racketeering which sought to undermine the very rule of law on which this country was founded and whcih makes a Republic work.
Intead of recoding liens on proprties in their local county clerks office.. The wall street lenders recorded mortgages using "mers". An electronic registry. And so far courts have not recognized these electronic recodings as admissable.
The court laid it out right here:
“Other than First Franklin, a division of National City Bank, none of the Defendants owned the indebtedness, owned an interest in the indebtedness secured by the mortgage, or serviced the mortgage.”
That’s it. Other than First Franklin, none of the banks claiming to have a right to foreclose actually did. And since First Franklin has been paid off by those who bought the mortgage, they have no cause to foreclose.
I’ve been saying this for nearly the last year here on FR, and catching all manner of crap for it. For those of us who can read and understand the inner clanking and banging in the real estate finance industry, this isn’t news. The banks screwed themselves by creating MERS to do an end-run around already established and long upheld title law in all 50 states. The bankers wanted to get out of paying filing and recording fees to 3,300 counties in the US, they wanted to be able to peddle mortgages like electronic securities.
They failed. Plain and simple. The bankers thought that they could create a system to end-run the law. What they didn’t factor in was a widespread recession in home prices and attending defaults on the loans. Bankers, real estate agents, loan agents, mortgage brokers and politicians all assumed that real estate prices only go up.
They were wrong.
There are penalties for being wrong. This is one of them.
Geez, it only took 2 posts for someone to come out and equate the breach of a simple civil contract to massive criminal fraud, theft, and greed on a scale so huge its almost unfathomable.
Wow. Bad spelling. Hope the meaning was clear .
You must have explained that well since I understood it. Thank you.
PS - the “financial markets” have no one but themselves to blame.
As I read this it turns the loan secured by a mortgage into an unsecured loan. I am not certain who owns the house though!
But, who has title?
If by "deadbeats" you mean the banksters, then yes.
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