tagged w/ MERS
Lee Camp: "Banks use something called MERS in order to destroy local land records, avoid taxes, and foreclose on our homes. The truth is slowly coming out about it and people are fighting back." (Uncensored Version)Lee Camp: "Banks use something called MERS in order to destroy local land... more
1 month ago
Courts won't give homeowners their day in court and instead protect the big banks and Wall Street. Banks just as for case to be dismissed and the courts grant their wishes without insisting that the banks respond to the complaint. Where and when did America leave us?Courts won't give homeowners their day in court and instead protect the big banks... more
I received this petition and call to action today from MoveOn.Org. I'd like to know why this petition is even neccessary?
[Today could be the day when President Obama decides if he'll stand with homeowners or with the big Wall Street banks behind the housing crisis. We need to keep the pressure on the president to launch a full federal investigation now, and not to give into the banks' demand for a sweetheart settlement deal. Can you make a phone call to the president right now demanding an investigation?White House comment line: 202-456-1111
Then, please report your call by clicking here:
Why are we having to CONVINCE our president to do the right thing? I made the call, but I told it like it is, please feel free to follow my script if you choose to. I believe that we have done enough pussyfooting around with those who are supposed to represent us in the White House.
... There are hundreds of thousands of families who are still living in the homes that have been foreclosed on, hoping and praying that some justice will be done , that right action will take place on their behalf. If you, Mr. President, give a settlement to the banks which have created this poverty economy, the banks will have a field day with an unprecedented LAND GRAB...Make no mistake, for the Millions who have already been ousted, duped into thinking there was nothing they could do to save their homes, to those who have yet to be put out in the streets if you betray them/us even further, you will see such a swell of Occupiers on the White House lawn as will be inconceivable.
Will such a cowardly and treasonous act cause a civil war? Probably... Is this what you want? Is this your goal for your country, to have your foot upon the necks of Americans? Are you too, OWNED by the banks? I would not have thought so, but if you condone the fraudulent and criminal actions of the banks and investment firms that have brought this suffering upon the American People, you will have shown yourself to be without moral conscience, without patriotic affiliation to the people you have sworn to serve and that you are without the backbone to stand up to the corruption that is the downfall of our civilization in this moment, at this time. If you betray your people, I do not know how you will possibly be able to look your wife and children in the eye. Shame is upon you for even considering this settlement.
Mr. President, Do the right thing, REFUSE any kind of settlement until a complete investigation can be carried out and criminal charges brought to bear on those whose greed and corruption have injured not only our own countries economy, but have crossed oceans and touched the lives of many other countries in the world. Become the leader you were meant to be, that you promised you would be. Stand up and act with purpose and solidarity with your people, not with big money, big banks or big corporations.
Most Sincerely, your fellow Americans.I received this petition and call to action today from MoveOn.Org. I'd like to... more
1 year ago
(this is good news for the people facing foreclosure & those falsely closed upon in foreclosure's by big banks and Mers and could have far reaching implications )
Yves Smith-US Bank Halts Evictions in Oregon After Judge Reverses Foreclosure
Oregon judges have delivered a series of setbacks to servicers and securitization trusts. A recent decision, Hooker v. Northwest Trustee Services, ruled that assignments of the beneficial interest (as in, transfers of the note) needed to be recorded. That makes any foreclosure in the name of the mortgage registry MERS a non-starter, since MERS was never and could never be the holder of the beneficial interest. This will have little impact going forward, since MERS has instructed servicers to stop foreclosing in its name, but there are plenty of foreclosures in the pipeline that were initiated in the name of MERS.
The latest move is that Judge Grand reversed a foreclosure sale due to the failure of the parties representing the lender to satisfy the requirements of Oregon’s recording statute. To put it mildly, foreclosure actions are seldom reversed. The decision is terse but it has wideranging ramifications. The Oregonian provided a good write-up of the case. Key extracts:
A Columbia County judge has blocked U.S. Bank from evicting a Vernonia woman whose home it purchased in foreclosure, concluding in a case with far-reaching implications that her lenders had not properly recorded mortgage documents.
Last week’s action appears to be the first in which an Oregon judge has halted an eviction and declared a foreclosure sale void after the fact. The ruling, if it stands, raises questions about the validity of other recent foreclosures in the state and could create serious problems for lenders and title companies, as well as for buyers of such properties…
A U.S. Bank spokeswoman said the bank would cease further eviction action and assess its “appropriate next steps.”
Nearly all foreclosures in the state occur without a judge’s involvement under so-called nonjudicial proceedings. But this ruling, legal observers say, could potentially divert more foreclosure actions into courtrooms, a more time-consuming and costly proposition that could exacerbate the state’s housing slump.
“This will certainly be problematic for lenders,” said David Ambrose, a Portland real-estate attorney.
It also casts doubt on the validity of already completed foreclosure sales in which lenders resold mortgages without recording the sales in county recorder offices. Many of those questionable transactions, including Flynn’s, involve the Mortgage Electronic Recording System….
The path will remain muddled for the mortgage industry until a definitive case reaches the Oregon Supreme Court or lenders decide to take a different strategy and negotiate settlements with distressed homeowners, real estate attorneys say.
The article has the background of the case and makes clear that this is a qualified win for the borrower, since it is unclear who has title to her condo. She bought it 20 years ago (and therefore has equity in the property) but fell behind on payments after she quit her job and her new business proceeds plus other sources of income weren’t enough for her to stay current.Foreclosure-gate -
(this is good news for the people facing foreclosure & those... more
Ack! Just when you didn't think the mortgage crisis could get any worse, you learn that there is a database in Reston, Virginia that might have eaten your mortgage. In fact, the database itself claims to OWN more than 50% of US mortgages (about 60 million loans).
Created 16 years ago by Fannie Mae, Freddie Mac, Bank of America and JP Morgan Chase, the Mortgage Electronic Registration System (MERS) is, thankfully, beginning to run up against a few judges in foreclosure proceedings who are finally Just Saying No.
But that may not stop MERS in its tracks. This is a very involved story about the securitization of mortgages, but well worth the read for a deeper understanding of just how bad this mortgage crisis really is and the potential for it to get a lot worse.
For example: in a deposition, an officer of the company revealed that this corporation has THOUSANDS of Vice Presidents.
The NY Times article also states that "Federal bankruptcy courts and state courts have found that MERS and its member banks often confused and misrepresented who owned mortgage notes. In thousands of cases, they apparently lost or mistakenly destroyed loan documents."
Read the whole story at the NY Times: http://www.nytimes.com/2011/03/06/business/06mers.html?_r=1&src=me&ref=business.Ack! Just when you didn't think the mortgage crisis could get any worse, you... more