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Title: MERS, the law, and the State
Source:
Naked Capitalism
URL Source: http://www.nakedcapitalism.com/2012 ... ers-the-law-and-the-state.html
Published: Jan 17, 2012
Author: lambert strether.
Post Date: 2012-01-17 12:12:19 by lucysmom
Keywords: None
Views: 12935
Comments: 38
Trotter told me that the “true horror” of MERS [1818 Library Street, Suite 300 Reston, VA 20190, 1-800-646-6377] was what it could do to homeowners who were current on their mortgage payments: The “good” homeowners who still had a job and weren’t facing foreclosure. If there was no legal record of which bank owned their debt [see below if you haven't been following NC on MERS], and the MERS-mortgaged homeowners had been making payments, then who exactly was the homeowner paying? The checks, clearly, were going out every month, cashed by a bank that claimed to own the note. But without the legal record to certify the owner of the note, it followed that the bank could not legally issue the homeowner a clear title to the home. In effect, a homeowner with MERS on his mortgage could spend thirty years paying a lender that wasn’t the owner of the note. …. “[Y]ou’d always be looking over your shoulder,” said Trotter. “Some other lender could come and say ‘No, we owned that note. You paid the wrong guy.” “WIth MERS”, he said, “nobody owns anything. You’re only paying rent.” That’s not a bug. It’s a feature. At least for a rentier, although not necessarily for Trotter. Second, Ketcham offers a lucid and succinct explanation of how this MERS feature came to be implemented: [Mortgage Electronic Registration Systems] was created in 1995 as a privately held venture of the major mortgage-finance operators… Its stated purpose was to manage a confidential electronic registry for tracking of the sale of mortgage loans between lenders… No longer would the traffickers in mortgages have to document their transactions with county clerks, nor would they have to pay the many and varied courthouse fees… This centralized database facilitated the buying and selling of mortgage debt at great speed and greatly reduced cost. … Without the efficiencies [dread word] of MERS there probably would never have been a mortgage bubble.
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Begin Trace Mode for Comment # 11.
#2. To: lucysmom (#0)
Your comments are almost perfectly opposite of reality. This article is crap, exactly backwards from reality. If the ownership of the note is in doubt, because the chain of custody is broken (as happens when the docs are shredded and the data is typed into MERS), than the mortgage is null and void. That is why they had robosigners- to create the illusion of an unbroken chain of custody. No clear ownership of a payable note? Then the note is moot. This my first look at that site, BTW. I see now, where you get your inane talking-points. Talk about intellectual lightweights! LMAO!
Too bad it's not that simple in the real world.
lucysmom: Too bad it's not that simple in the real world. That's IT? That's your carefully crafted response to my posts, which happen to be include about 700 websites that I provided the results for? What do you THINK is going on in the courts right now? WHY do you think it is, that the discussions are now revolving around whether the government can make ex post facto laws to cover the banksters, now that they've been caught with their pants down, in the middle of blantant FRAUD? WHY do you think the robosigners were used? It really IS that simple... and who knows, you might be in a position to actually benefit from the stupidity and overt greed of the banksters... wouldn't THAT be cool... I suspect that war actually might be in that position. While I despise war, if he can turn this to his benefit, than I think that'd be VERY cool... The banksters and their And while that would result in some short-term pain for everyone, the alternative is a long, slow bleed-out, a la Greece.
I doubt you've looked at each of your 700 websites either, let alone read them. What do you THINK is going on in the courts right now? MERS authority to foreclose upheld on appeal - About 521,000 results Google
Junior doesn't realize that the issue isn't "chain of custody", it's proper assignment of title.
#12. To: war (#11)
(Edited)
He's watching too much CSI. Probably as research for his "dissertation".
CE kissed his brains good-bye to embrace an economic philosophy rooted in magical thinking.
If your petty insults are the only response you can come up with, than I'm good with that. Now that I've kicked your sorry ass (as usual) with facts, isn't it about time for you to start complaining about my punctuation, or some other inane aspect, to derail the thread? Oh, wait, I forgot... the thread was started by the idiot liberal, Loonybitch. Please, carry ON with your thread derailment. :) BTW, I forgot to ask.... how much are they paying you to troll, these days? I'm curious at how cheaply you whore yourself out for. What, a couple bucks a post, I'm guessing? Surely they don't pay you on whether you have an original thought in your empty little skull..... I know I shouldn't tease the animals, but you're such a fucking idiot liberal...
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#7. To: Capitalist Eric (#2)
If the ownership of the note is in doubt, because the chain of custody is broken (as happens when the docs are shredded and the data is typed into MERS), than the mortgage is null and void.
#8. To: lucysmom (#7)
Capitalist Eric: If the ownership of the note is in doubt, because the chain of custody is broken (as happens when the docs are shredded and the data is typed into MERS), than the mortgage is null and void.
liars lawyers are doing their best to put up a lot of smoke and mirrors, the fact is that the MERS debacle has the potential to utterly destroy the banking industry as it currently exists.
#9. To: Capitalist Eric (#8)
That's IT? That's your carefully crafted response to my posts, which happen to be include about 700 websites that I provided the results for?
#11. To: lucysmom (#9)
Replies to Comment # 11. Junior doesn't realize that the issue isn't "chain of custody", it's proper assignment of title.
#15. To: war (#11)
Junior doesn't realize that the issue isn't "chain of custody", it's proper assignment of title.
#16. To: war, (#11)
(Edited)
Junior doesn't realize that the issue isn't "chain of custody", it's proper assignment of title.
End Trace Mode for Comment # 11.
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