THE COMPLEX FINANCIAL INSTRUMENTS USED TO CREATE THIS FRAUD WERE THE INITIAL STEP IN THE PROCESS, BUT THESE FRAUDSTERS HAD TO DEVELOP A SYSTEM THAT WOULD HANDLE THE MASSIVE AMOUNTS OF SUBPRIME MORTGAGES AND AS SUCH CREATED A MONEY-LAUNDERING, OH I MEAN MORTGAGE LAUNDERING COMPANY CALLED MERS. SINCE THIS WAS A WALL STREET SCHEME THAT NEEDED A LOT OF WASHINGTON PROTECTION IT MAKES SENSE THAT THE SCAM WOULD ORIGINATE FROM NEW YORK, BUT THAT A CRITICAL ELEMENT......MERS WOULD BE IN THE WASHINGTON SUBURBS. IT IS LOCATED IN THE RICHEST AREA IN THE NATION AND IS GROUND ZERO FOR THE FRAUD. YOU MAY FIND IT BORING, BUT IT REALLY REFLECTS THE LEVEL OF CORRUPTION AND BRINGS HOME THE AMOUNT OF MONEY THAT WENT TO PROFITS AS FRAUD AND MARYLAND'S INVOLVEMENT IN THE FRAUD. IT ALSO EXTENDED THE CIRCLE OF INDUSTRIES INVOLVED IN THE FRAUD.......FROM BANKERS AND DEVELOPERS TO LAWYERS AND ACCOUNTANT. EVERY STEP OF THE WAY IT TOOK COMPLICITY TO MOVE WHAT ALL KNEW TO BE FRAUDULENT SUBPRIME MORTGAGES THROUGH THE PROCESSING SYSTEM. IT ALSO EXPLAINS THE NEW-FUND MONEY HITTING THE NGOs, I MEAN GIVING ORGANIZATIONS.....THEY ARE MOVING ALL THIS MONEY INTO PERSONAL INVESTMENTS. YOU'LL NOTICE THE MONTGOMERY COUNTY CONNECTION OF THESE NON-PROFITS.
KEEP IN MIND THAT WE ARE TALKING ABOUT HUNDREDS OF MILLIONS OF THESE TOXIC SUBPRIME LOANS. EACH ONE OF THE INDUSTRY PLAYERS ABOVE RECEIVED FEES FOR PROCESSING THESE LOANS AND THE WAY THEY SET THE FRAUD TO WORK, THESE SAME LOANS WERE RESOLD AND REPROCESSED OVER AND AGAIN....AS MANY AS A DOZEN TIMES.....EACH TIME GETTING FEES. NO ONE HAS TO BE A ROCKET SCIENTIST TO UNDERSTAND THAT HUNDREDS OF BILLIONS OF DOLLARS....IF NOT TRILLIONS WERE MADE FROM THE FRAUD BY BANKERS, DEVELOPERS, LAWYERS, AND ACCOUNTANTS. $25 BILLION SETTLEMENT FOR FRAUD........REALLY???????
VOTE YOUR INCUMBENT OUT!!!!
Welcome to MERS!
MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.
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10000 foreclosure Tossed OUT - Maryland - Supreme Court ... Maryland Judge tossed out 10000 foreclosures - Mass Supreme Court Ruled, MERS no standing to Foreclose! Maryland it was a professor at University of Maryland College Park
Monday, January 24, 2011
Maryland Appeals Court Upholds MERS-related Foreclosure This is a guest post from Elisa Kerr, one of the six attorneys we have on staff here at Mid-Atlantic Settlement Services. In light of some recent successful challenges to foreclosures in other states, it's important to obtain an understanding of how Maryland courts will respond to the various foreclosure issues that are surfacing today, such as MERS, imperfect assigning documentation, and the inability of a foreclosing entity to provide an original note. This case should give us our first glance at how a Maryland appeals court sees things:
In a recent decision rendered by the Maryland Court of Special Appeals (Anderson v. Burson, et al., No. 00434, Sept. Term, 2009, full case here), the Court upheld the rights of the foreclosing bank to foreclose on a property in Howard County, Maryland, finding that the Bank was a proper successor to the holder of the mortgage note and had the same rights as the original holder to enforce collection. The borrowers under the mortgage being foreclosed had challenged the foreclosure, claiming that the Bank did not have the right to foreclosure because it was not the current holder of the note. They were able to stall the foreclosure first by filing for bankruptcy protection, and then later by filing a request with the Circuit Court for a temporary restraining order to stop the foreclosure auction. The motions that were filed may have delayed the foreclosure but ultimately did not prevent the foreclosure from occurring.
What does this mean?
This case is noteworthy because it is one of the first cases to be decided since Maryland foreclosure proceedings have been put under microscopic scrutiny by our courts. In this case, the Court had been asked to review the chain of title to the promissory note under which the foreclosure lawsuit was filed. Despite the fact that the promissory note had been transferred or “assigned” a number of times, and also that the original note had been misplaced, the Court still found that the Substitute Trustees and Bank had produced ample evidence that the Bank foreclosing was, indeed, the holder of the note and had the right to foreclose.
Why is this important?
It is an indication that the Court was not interested in upsetting the status quo – that is to say, that the way in which assignments of mortgages and deeds of trust have been handled in Maryland in the past remains acceptable to the Court. Further, it is an indication that the Court has no plans to “upset the apple cart” by imposing additional recording requirements on banks that might slow or stop the sale of properties that are or have been recently in foreclosure. We have seen hiccups on foreclosure sales in other states so this decision is refreshing in that the courts are presenting a favorable opinion on how foreclosures are and have been completed in MD.
To read the case in its entirety, click here. We'll continue to keep you apprised of what's new with respect to foreclosures in this region.
WHAT WE SEE ARE TWO COMPLETELY DIFFERENT APPROACHES TO MERS PROCESSING. THE MARYLAND RULING BELOW GIVES LEGITIMACY TO THE PROCESS AND THE NEW YORK RULING STATES THE OBVIOUS.....THERE WAS A BUILT-IN SYSTEMATIC CIRCUMVENTION OF MORTGAGE PROCESSING LAW THAT WILL NOT STAND. MARYLAND WAS THE FIRST TO SUPPORT THE MERS SYSTEM AND AS SUCH GOVERNMENT WATCHDOG GROUPS LIKE MINE HAD TO LISTEN TO GANSLER TELL US------'OUR HANDS ARE TIED -----THE COURTS RULED IN MERS FAVOR'. MARYLAND'S GOVERNORS FILL THIS APPEALS COURT. THE WASHINGTON SUBURBS WAS HOME OF MERS, A PRIVATELY OWED COMPANY OF A FEW PEOPLE, AND ALSO HOME OF THE LEGAL RULINGS PROTECTING THE CORPORATION..........SEE HOW MARYLAND BECOMES IMPORTANT NATIONALLY IN THE SUBPRIME MORTGAGE FRAUD SCENE INVOLVING TRILLIONS IN FRAUDULENT PROFITS?!
REALLY? MERS was struck down … marylandcommercialtitle.com
By: Myles, February 15th, 2011
This is huge news for all of us Real Estate wonks. MERS has just been struck down by a Federal Bankruptcy judge.As reported in NewsUnwrapped – a Blog written by local Baltimorean, Steve Meizlish, with the specific intent of Telling-The-Story-Behind-The-Story — we see what could be the beginnings of the unraveling of the Real Estate infrastructure as we know it. This one could very well have far reaching implications.
What’s MERS? We’ll ALL soon know their importance
Posted: February 14, 2011 by NewsUnwrapped in Financial - Legal Ruling, Financial - Housing NewsTags: United States, MERS, Mortgage loan, Real estate, Foreclosure, Law, mortgage, Business
BREAKING FINANCIAL NEWS >>> This is very big happenings for the entire financial system, including but not limited to banks and investment bankers , real estate owners and investors, stock owners (and all associated with that industry), as well as all of us who exist and are subject to market movement.
For sure, there will be lots and lots of spin on this topic, as there are lots to protect, given the enormous size of the ailing (and underwater) housing market, but in trueNewsUnwrapped (NU) fashion, we sim;ly give it to you straight and direct. From Bloomberg:
“Merscorp Inc., operator of the electronic-registration system that contains about half of all U.S. home mortgages, has no right to transfer the mortgages under its membership rules, a judge said…U.S. Bankruptcy Judge Robert E. Grossman in Central Islip, New York, in a decision he said he knew would have a “significant impact,” wrote that the membership rules of the company’s Mortgage Electronic Registration Systems, or MERS,don’t make it an agent of the banks that own the mortgages…”
“MERS’s theory that it can act as a ‘common agent’ for undisclosed principals is not supported by the law,” Grossman wrote in a Feb. 10 opinion. “MERS did not have authority, as ‘nominee’ or agent, to assign the mortgage absent a showing that it was given specific written directions by its principal.”
“MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process,” Grossman wrote. “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.
“An adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States,” Grossman wrote. “It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices.”
“Without more, this court finds that MERS’s ‘nominee’ status and the rights bestowed upon MERS within the mortgage itself, are insufficient to empower MERS to effectuate a valid assignment of mortgage,” the judge wrote. “MERS’s position that it can be both the mortgagee an agent of the mortgagee is absurd, at best.”
What does it mean that MERS has now been found to be null and void?
For starters, it means that the entire US mortgage market — both residential and commercial — could potentially be built on a shaky foundation, and that every single MERS-mediated transaction may have to be unwound.
Sure there will be appeals, most definitely, but buckle up as the markets will surely react to this blistering news. This is the kind of news that we specialize in. It’s complicated, yet critical to understanding the world in which we all live.
Read the full opinion for yourself, and tell us what you think.
YOU CAN SEE THE STATES RULING LIKE MARYLAND IN FAVOR OF MERS ALL WERE HEAVILY INVOLVED IN SUBPRIME LOANS.....NEVADA, CALIFORNIA (COUNTRYWIDE), WASHINGTON STATE (WASHINGTON MUTUAL)........AND OF COURSE THE REPUBLICANS. THIS IS WHAT I MEAN BY THE IMPORTANCE OF GOVERNORS AND THEIR COURT APPOINTMENTS. EVERYONE UNDERSTANDS THE ILLEGALITY OF WHAT HAPPENED.