http://www.huffingtonpost.com/l-randall-wray/merss-smoking-gun-part-1-_b_794713.html
The question that no one is asking or answering is why aren't are elected officials doing anything to protect "us"?
Because they're all heavily invested in the perpetuation and cover up of the fraud.
Let not forget H.R. 3808.
Congresses blatant attempt to make the bank's nightmare just disappear.
The real mystery is why these trustees cannot produce the notes. I think we have finally found the smoking gun. An interested reader alerted me to MERS's instruction manual, "MERS Recommended Foreclosure Procedures -- State by State", originally written in 1999, updated in 2002 and available on MERS's website (accessed by clicking on: Recommended Foreclosure Procedures).
The first thing to note is the date. Folks, this strategy was formulated in 1999. The second thing to note is these documents demonstrate that failure to properly endorse the notes and transfer them to the REMIC trustee was not an occasional mistake, but rather was MERS's business model. As we will see, MERS planned from the get-go to defraud the counties, and the IRS, and the homeowners, and the buyers of the mortgage-backed securities.
Showing posts with label mbs. mers. Show all posts
Showing posts with label mbs. mers. Show all posts
Saturday, December 11, 2010
Thursday, November 11, 2010
ALERT: Casus Belli - Ex-Post-Facto Law!
http://market-ticker.org/akcs-www?post=171940
Heads up kids,
Congress is taking a payoff to make the MERS problem go away for the Mortgage Banking Industry!
Better get those DC phones ringing off the hook.
Congress has no problem screwing over their constituents in favor of the political donations that the lobbyist hand out to them.
Rather than have to prosecute the elite of the American Corporate Banking system they will stick a knife right in your back!
It's just one more example of changing the rules in the middle of the game
because "big money" can buy anything, including a "GET OUT OF JAIL" free card!
The bastards that are supposed to serve you as well as the constitution, are going to once again totally ignore they're duties and bow to their MASTER...
It's your choice now,
You either allow them to do it....or you make heads roll!
Now from The Garfield Continuum comes the following warning:
After years of negative judicial decisions about the use of a straw-man on mortgages, MERS was about to lose its existence as well as its credibility. But now all of that is set to change as Wall Street money is pouring into the coffers of those who are receptive (i.e., almost everyone in Congress). The legislation is already being drafted under the interstate commerce clause to ratify MERS and everything it did retroactively. It appears that the Obama administration is ready to pardon all the securitization deviants by signing this bill into law. This information is corroborated by several people who are in sensitive positions — persons who would be the first to know such proposals.
Fortunately, there are some people in Washington who have a conscience and do not want to see this happen.
Besides the obvious seediness of this maneuver, it runs roughshod over state property laws, and the rights of investors, homeowners and borrowers. It amounts to a permanent installation of a Federal system that supersedes the county records for recording property rights. Off-record comments I’ve heard from people in power are outraged at this assault on states’ rights. But these people are not legislators, who are getting promises larger than anything in your imagination, if they will support such a bill. It might be couched as a uniform law to be adopted by the states to get around the states rights issues, but it will permanently remove some of the power over property that lies solely within the jurisdiction of the states and place it preemptively within federal jurisdiction.
All of this is scheduled to happen during the lame duck session of congress between now and the end of the this year, 2010. That means in a manner of days, some bill that may look like it has nothing to do with property, mortgages or foreclosures is going to have attached to it a provision whose effect will go even further than the notarization bill that went through Congress like S–t through a goose and almost got signed by the President. We caught that one AFTER it was passed by Congress unanimously but before Obama signed it.
We announced it as an attempt at a presidential pardon to all those who committed crimes in the notarization of documents that were fabricated and forged, all those who committed forgery and perjury and all those who created counterfeit documentation that was presented to courts as original documents.
This time we got the information, we think, before it was stitched into some innocuous looking bill. If we don’t find it and block it, the plight of homeowners will get that much worse.
That would be an ex-post-facto law, and is explicitly barred by The Constitution.
Such a bill, were it to be promulgated, would be an act of intentional subversion of The Constitution and a violation of the oath of office of every Congressperson who votes or argues for it.
If such a law is in fact introduced it would turn the rule of law on its ear and make clear that we now live in a nation where literal theft will be made legal retroactively by the Congress and President in an explicit form and with the impact of literally stealing millions of privately-held homes.
Heads up kids,
Congress is taking a payoff to make the MERS problem go away for the Mortgage Banking Industry!
Better get those DC phones ringing off the hook.
Congress has no problem screwing over their constituents in favor of the political donations that the lobbyist hand out to them.
Rather than have to prosecute the elite of the American Corporate Banking system they will stick a knife right in your back!
It's just one more example of changing the rules in the middle of the game
because "big money" can buy anything, including a "GET OUT OF JAIL" free card!
The bastards that are supposed to serve you as well as the constitution, are going to once again totally ignore they're duties and bow to their MASTER...
It's your choice now,
You either allow them to do it....or you make heads roll!
Now from The Garfield Continuum comes the following warning:
After years of negative judicial decisions about the use of a straw-man on mortgages, MERS was about to lose its existence as well as its credibility. But now all of that is set to change as Wall Street money is pouring into the coffers of those who are receptive (i.e., almost everyone in Congress). The legislation is already being drafted under the interstate commerce clause to ratify MERS and everything it did retroactively. It appears that the Obama administration is ready to pardon all the securitization deviants by signing this bill into law. This information is corroborated by several people who are in sensitive positions — persons who would be the first to know such proposals.
Fortunately, there are some people in Washington who have a conscience and do not want to see this happen.
Besides the obvious seediness of this maneuver, it runs roughshod over state property laws, and the rights of investors, homeowners and borrowers. It amounts to a permanent installation of a Federal system that supersedes the county records for recording property rights. Off-record comments I’ve heard from people in power are outraged at this assault on states’ rights. But these people are not legislators, who are getting promises larger than anything in your imagination, if they will support such a bill. It might be couched as a uniform law to be adopted by the states to get around the states rights issues, but it will permanently remove some of the power over property that lies solely within the jurisdiction of the states and place it preemptively within federal jurisdiction.
All of this is scheduled to happen during the lame duck session of congress between now and the end of the this year, 2010. That means in a manner of days, some bill that may look like it has nothing to do with property, mortgages or foreclosures is going to have attached to it a provision whose effect will go even further than the notarization bill that went through Congress like S–t through a goose and almost got signed by the President. We caught that one AFTER it was passed by Congress unanimously but before Obama signed it.
We announced it as an attempt at a presidential pardon to all those who committed crimes in the notarization of documents that were fabricated and forged, all those who committed forgery and perjury and all those who created counterfeit documentation that was presented to courts as original documents.
This time we got the information, we think, before it was stitched into some innocuous looking bill. If we don’t find it and block it, the plight of homeowners will get that much worse.
That would be an ex-post-facto law, and is explicitly barred by The Constitution.
Such a bill, were it to be promulgated, would be an act of intentional subversion of The Constitution and a violation of the oath of office of every Congressperson who votes or argues for it.
If such a law is in fact introduced it would turn the rule of law on its ear and make clear that we now live in a nation where literal theft will be made legal retroactively by the Congress and President in an explicit form and with the impact of literally stealing millions of privately-held homes.
Tuesday, November 2, 2010
Lawmaker Questions Power to Foreclose .
http://online.wsj.com/article/SB10001424052748704865104575588791583567372.html?mod=WSJ_hp_LEFTWhatsNewsCollection
The Banks only have as much power, as you allow them to believe they have.
And you allow them to live by feeding them, or allowing them to feed off of you.
It's time to cut the ties that bind
"There are too many people getting foreclosed on not properly," said Mr. Marshall, who represents two counties near Washington, adding that he is drafting a Virginia law that would require lenders to pay county fees before being allowed to proceed with foreclosures. "The disdain with which the conditions of law have been treated by those who want to make money too fast is very troubling to me."
In a state-court lawsuit filed in Georgia last week seeking class-action status, lawyer David Ates says MERS isn't a secured creditor, meaning it lacks the power to foreclose on behalf of lenders, mortgage servicers or other parties.
Mr. Ates said he is seeking to have all Georgia foreclosures by the company "be declared invalid and the title be returned to the debtor."
Also last week, the District of Columbia's attorney general, Peter Nickles, issued a statement saying no D.C. homeowner can be foreclosed upon unless the security interest of the note holder has been physically recorded with the district's Recorder of Deeds, a condition that electronic assignments through MERS don't meet.
MERS spokeswoman Karmela Lejarde said the company doesn't keep track of how many users have stopped using the electronic filing system. MERS declined to say how many lawsuits have been filed against the company since foreclosure troubles erupted in mid-September.
The Banks only have as much power, as you allow them to believe they have.
And you allow them to live by feeding them, or allowing them to feed off of you.
It's time to cut the ties that bind
"There are too many people getting foreclosed on not properly," said Mr. Marshall, who represents two counties near Washington, adding that he is drafting a Virginia law that would require lenders to pay county fees before being allowed to proceed with foreclosures. "The disdain with which the conditions of law have been treated by those who want to make money too fast is very troubling to me."
In a state-court lawsuit filed in Georgia last week seeking class-action status, lawyer David Ates says MERS isn't a secured creditor, meaning it lacks the power to foreclose on behalf of lenders, mortgage servicers or other parties.
Mr. Ates said he is seeking to have all Georgia foreclosures by the company "be declared invalid and the title be returned to the debtor."
Also last week, the District of Columbia's attorney general, Peter Nickles, issued a statement saying no D.C. homeowner can be foreclosed upon unless the security interest of the note holder has been physically recorded with the district's Recorder of Deeds, a condition that electronic assignments through MERS don't meet.
MERS spokeswoman Karmela Lejarde said the company doesn't keep track of how many users have stopped using the electronic filing system. MERS declined to say how many lawsuits have been filed against the company since foreclosure troubles erupted in mid-September.
Friday, October 29, 2010
Lenders Turning Their Backs on MERS, Going Back to Paper
http://www.nationalmortgagenews.com/dailybriefing/2010_210/lenders-turning-backs-1021895-1.html
Which JP Morgan Chase did 2 years ago, because they KNEW that MERS was not a legally valid Title Recorder.
With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using MERSCORP Inc., which operates an electronic loan registry, to bring foreclosure actions. Some lenders are even returning to the old-fashioned, paper-based system of physically recording mortgage assignments at county recorder offices to ensure an unbroken chain of title.
Which JP Morgan Chase did 2 years ago, because they KNEW that MERS was not a legally valid Title Recorder.
With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using MERSCORP Inc., which operates an electronic loan registry, to bring foreclosure actions. Some lenders are even returning to the old-fashioned, paper-based system of physically recording mortgage assignments at county recorder offices to ensure an unbroken chain of title.
Friday, October 22, 2010
Foreclosuregate fallout: How bad can it get for Wall Street?
http://www.huffingtonpost.com/zach-carter/foreclosuregate-fallout-h_b_770359.html
Lol if we're lucky it will burn Wall Street down to the ground because it's that corrupt!
Foreclosure fraud is ruffling a lot of feathers on Wall Street, and while the full scope of losses remains unclear, even major banks are now acknowledging that this is a multibillion-dollar disaster, not just a set of minor paperwork headaches.
So how bad will it get for Wall Street? There are several disaster scenarios in which the housing market simply shuts down, where the potential losses for Wall Street are simply incalculable. But even situations that do not directly rip apart the basic functioning of the mortgage system could be enough to shut down one or more big banks, creating serious trouble for the financial system, and a major test of the recent Wall Street reform bill.
Lol if we're lucky it will burn Wall Street down to the ground because it's that corrupt!
Foreclosure fraud is ruffling a lot of feathers on Wall Street, and while the full scope of losses remains unclear, even major banks are now acknowledging that this is a multibillion-dollar disaster, not just a set of minor paperwork headaches.
So how bad will it get for Wall Street? There are several disaster scenarios in which the housing market simply shuts down, where the potential losses for Wall Street are simply incalculable. But even situations that do not directly rip apart the basic functioning of the mortgage system could be enough to shut down one or more big banks, creating serious trouble for the financial system, and a major test of the recent Wall Street reform bill.
Thursday, October 14, 2010
UBS Declines Legal Action Over Subprime Losses
http://www.nytimes.com/2010/10/15/business/global/15ubs.html?ref=business
No legal action, in other words
Fuck You common stock holders
We don't even consider you anything to worry about, let alone worry for!
Legal action might just actually implicate us, so we're making no waves in hopes this situation will just go away!
The Swiss bank UBS said Thursday that it will not take legal action against former executives and board members for the huge losses suffered during the U.S. subprime crisis that forced a bailout of the company.
Kaspar Villiger, chairman of Switzerland’s largest bank, said in a statement that the company had learned lessons from the crisis and now was focusing on the future.
“What happened should not have been allowed to happen
“Despite warnings, the bank falsely believed that its financial products in relation to the U.S. real estate market were valuable and sufficiently hedged against losses,” the report said.
UBS, long the star of the Swiss banking industry, lost billions of dollars during the global economic crisis and the confidence of many investors during a lengthy tax dispute with the United States.
Regarding this dispute, the report acknowledged that the bank had not made a comprehensive assessment of the compliance risk of its U.S. cross-border wealth management business before the investigation by U.S. authorities
No legal action, in other words
Fuck You common stock holders
We don't even consider you anything to worry about, let alone worry for!
Legal action might just actually implicate us, so we're making no waves in hopes this situation will just go away!
The Swiss bank UBS said Thursday that it will not take legal action against former executives and board members for the huge losses suffered during the U.S. subprime crisis that forced a bailout of the company.
Kaspar Villiger, chairman of Switzerland’s largest bank, said in a statement that the company had learned lessons from the crisis and now was focusing on the future.
“What happened should not have been allowed to happen
“Despite warnings, the bank falsely believed that its financial products in relation to the U.S. real estate market were valuable and sufficiently hedged against losses,” the report said.
UBS, long the star of the Swiss banking industry, lost billions of dollars during the global economic crisis and the confidence of many investors during a lengthy tax dispute with the United States.
Regarding this dispute, the report acknowledged that the bank had not made a comprehensive assessment of the compliance risk of its U.S. cross-border wealth management business before the investigation by U.S. authorities
Bankers Ignored Signs of Trouble on Foreclosures
http://finance.yahoo.com/news/Bankers-Ignored-Signs-of-nytimes-2833356369.html?x=0&sec=topStories&pos=7&asset=&ccode=
So federal regulators knew to and never chose to question the legality of what the banks were doing?
But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, since 2008.
That system has been faulted for losing documents and other sloppy practices.
The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.
Banks spent billions of dollars in the good times to build vast mortgage machines
So federal regulators knew to and never chose to question the legality of what the banks were doing?
But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, since 2008.
That system has been faulted for losing documents and other sloppy practices.
The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.
Banks spent billions of dollars in the good times to build vast mortgage machines
Bankers Ignored Signs of Trouble on Foreclosures
http://finance.yahoo.com/news/Bankers-Ignored-Signs-of-nytimes-2833356369.html?x=0&sec=topStories&pos=7&asset=&ccode=
So federal regulators knew to and never chose to question the legality of what the banks were doing?
But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, since 2008.
That system has been faulted for losing documents and other sloppy practices.
The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.
Banks spent billions of dollars in the good times to build vast mortgage machines
So federal regulators knew to and never chose to question the legality of what the banks were doing?
But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, since 2008.
That system has been faulted for losing documents and other sloppy practices.
The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.
Banks spent billions of dollars in the good times to build vast mortgage machines
Wednesday, October 13, 2010
JPMorgan exits electronic mortgage tracking system
http://news.yahoo.com/s/ap/20101013/ap_on_bi_ge/us_jpmorgan_mortgages
MERS authenticity of legal title transfer.....case closed.
Now the shit just legally hit the fan.
JPMorgan Chase's CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions.
Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages.
MERS authenticity of legal title transfer.....case closed.
Now the shit just legally hit the fan.
JPMorgan Chase's CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions.
Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages.
GMAC Expands Foreclosure Review to All 50 States
http://online.wsj.com/article/SB10001424052748703440004575548393691124552.html
While GMAC has set up to review thei foreclosures in all 50 states, they will carry on with foreclosures.
No loan numbers or counties recorded to track the titles but GMAC still continues to think it can carry on business as usual lol.
Foolish is as foolish does.
The loans foreclosed on from this day forth, should carry a special penalty for GMAC, because at this point in time the whole country knows what GMAC refuses to acknowledge, that the mortgage banking industry purposely as well as willfully committed an act of fraud in the non transference of title obligation to their investors or MBS.
GMAC Mortgage is initiating an independent review of foreclosures in all 50 states and examining foreclosure sales nationwide to ensure procedures and documentation are accurate.
A unit of Ally Financial Inc., GMAC Mortgage was among the first companies to temporarily suspend evictions in the 23 states where court approval is required to foreclose. The new step involves "several legal and accounting firms" that will conduct "independent reviews" in all 50 states, but doesn't involve a halt of all foreclosures. A "specialized team" will look for errors in foreclosure-sale files nationwide, the company said
While GMAC has set up to review thei foreclosures in all 50 states, they will carry on with foreclosures.
No loan numbers or counties recorded to track the titles but GMAC still continues to think it can carry on business as usual lol.
Foolish is as foolish does.
The loans foreclosed on from this day forth, should carry a special penalty for GMAC, because at this point in time the whole country knows what GMAC refuses to acknowledge, that the mortgage banking industry purposely as well as willfully committed an act of fraud in the non transference of title obligation to their investors or MBS.
GMAC Mortgage is initiating an independent review of foreclosures in all 50 states and examining foreclosure sales nationwide to ensure procedures and documentation are accurate.
A unit of Ally Financial Inc., GMAC Mortgage was among the first companies to temporarily suspend evictions in the 23 states where court approval is required to foreclose. The new step involves "several legal and accounting firms" that will conduct "independent reviews" in all 50 states, but doesn't involve a halt of all foreclosures. A "specialized team" will look for errors in foreclosure-sale files nationwide, the company said
J.P. Morgan Widens Mortgage Review to 41 States
http://online.wsj.com/article/SB10001424052748703673604575550030620196818.html
Here's the laugh for the day.
JP Morgan Chase only has 115,000 files to review for mistaken documents.
MERS requires no county or loan number. 115,000 reviews lol...Only in their wildest dreams.
Blank means they don't hold the right to foreclose and neither does the MBS investor that they stuck it with.
America in the old days they called this ...Jubilee
Your debt mortgage debt has been forgiven courtesy of the banks own penance for greed.
Greed kills
And when you live by the sword, you die by the sword!
J.P. Morgan Chase & Co. widened its review of foreclosures to 41 states and 115,000 loan files, the latest U.S. bank to take a more comprehensive look at its documentation to ensure all information is accurate
Here's the laugh for the day.
JP Morgan Chase only has 115,000 files to review for mistaken documents.
MERS requires no county or loan number. 115,000 reviews lol...Only in their wildest dreams.
Blank means they don't hold the right to foreclose and neither does the MBS investor that they stuck it with.
America in the old days they called this ...Jubilee
Your debt mortgage debt has been forgiven courtesy of the banks own penance for greed.
Greed kills
And when you live by the sword, you die by the sword!
J.P. Morgan Chase & Co. widened its review of foreclosures to 41 states and 115,000 loan files, the latest U.S. bank to take a more comprehensive look at its documentation to ensure all information is accurate
Tuesday, October 12, 2010
States aim to force changes in foreclosure process
http://finance.yahoo.com/news/States-aim-to-force-changes-apf-3243525447.html?x=0
Here are your state attorney generals all on crack.
They're already talking settlement, what happened to criminal prosecution?
How can you make a deal when you never investigated the case?
The home owner knows that no records were kept and the investors do to.
The use of MERS screwed everyone all the way around, and now it's the banks turn, and they deserve to take it.
Ask yourself, who your Attorney General is really selling out, in an attempt to appease the citizens and cover this nightmare back up.
The top law enforcement officials of states around the country are launching a joint investigation into the problems with foreclosure documents that surfaced in recent weeks. They are already weighing the outlines of a potential settlement with the industry, said Iowa Attorney General Tom Miller, who will lead the investigation. The inquiry will be announced Wednesday morning.
Miller said one idea being discussed is to create an independent monitor to review whether banks have fixed their problems.
Here are your state attorney generals all on crack.
They're already talking settlement, what happened to criminal prosecution?
How can you make a deal when you never investigated the case?
The home owner knows that no records were kept and the investors do to.
The use of MERS screwed everyone all the way around, and now it's the banks turn, and they deserve to take it.
Ask yourself, who your Attorney General is really selling out, in an attempt to appease the citizens and cover this nightmare back up.
The top law enforcement officials of states around the country are launching a joint investigation into the problems with foreclosure documents that surfaced in recent weeks. They are already weighing the outlines of a potential settlement with the industry, said Iowa Attorney General Tom Miller, who will lead the investigation. The inquiry will be announced Wednesday morning.
Miller said one idea being discussed is to create an independent monitor to review whether banks have fixed their problems.
READ THIS NOW: CNBC's Diana Olick Finally GETS IT
http://market-ticker.org/akcs-www?post=168930
Lol somebody finally figured out what blank means.
No credit was assigned to anyone for the title on all of those loans.
Dame where the hell have they been, I realized that the first time I looked at the MERS website.
The banks have been playing everyone for a fool, while they committed fraud to do so!
How many trillions of dollars have they ripped the MBS investors out of?
And the shit gets deeper!
Now are we finally going to arrest those bastards?
Because they are not arresting people in California for breaking and entering when they take back their own home after the bank has already resold it out from under them.
The hilarious part is: THE BANK HAD NO RIGHT TO FOREWCLOSE OR TO RESELL IT ON THEM!
There has been plenty of pontificating over the ramifications of foreclosure freezes on troubled borrowers, foreclosure buyers and the larger housing market, not to mention lawsuits, investor losses and bank write downs. There has been precious little talk of what the real legal issues are behind the robosigning scandal.
No there hasn't. I've been pounding the table on the bottom line on this for three and a half years, and on MERS specifically for more than a year.
The record is what it is, and every single Ticker I've ever published is still here, and is searchable.
Josh Rosner, of Graham-Fisher, put the following out in a note today, claiming violations of pooling and servicing agreements on mortgages could dwarf the Lehman weekend:
Nearly all Pooling and Servicing Agreements require that “On the Closing Date, the Purchaser will assign to the Trustee pursuant to the Pooling and Servicing Agreement all of its right, title and interest in and to the Mortgage Loans and its rights under this Agreement (to the extent set forth in Section 15), and the Trustee shall succeed to such right, title and interest in and to the Mortgage Loans and the Purchaser's rights under this Agreement (to the extent set forth in Section 15)”. Also, an Assignment of Mortgage must accompany each note and this almost never happens.
We believe nearly every single loan transferred was transferred to the Trust in “blank” name. That is to say the actual loans were apparently not, as of either the cut-off or closing dates, assigned to the Trust as required by the PSA.
Rather than continue to fight for the “put-back” of individual loans the investors may be able to sue for and argue that the “true sale” was never achieved.
Lol somebody finally figured out what blank means.
No credit was assigned to anyone for the title on all of those loans.
Dame where the hell have they been, I realized that the first time I looked at the MERS website.
The banks have been playing everyone for a fool, while they committed fraud to do so!
How many trillions of dollars have they ripped the MBS investors out of?
And the shit gets deeper!
Now are we finally going to arrest those bastards?
Because they are not arresting people in California for breaking and entering when they take back their own home after the bank has already resold it out from under them.
The hilarious part is: THE BANK HAD NO RIGHT TO FOREWCLOSE OR TO RESELL IT ON THEM!
There has been plenty of pontificating over the ramifications of foreclosure freezes on troubled borrowers, foreclosure buyers and the larger housing market, not to mention lawsuits, investor losses and bank write downs. There has been precious little talk of what the real legal issues are behind the robosigning scandal.
No there hasn't. I've been pounding the table on the bottom line on this for three and a half years, and on MERS specifically for more than a year.
The record is what it is, and every single Ticker I've ever published is still here, and is searchable.
Josh Rosner, of Graham-Fisher, put the following out in a note today, claiming violations of pooling and servicing agreements on mortgages could dwarf the Lehman weekend:
Nearly all Pooling and Servicing Agreements require that “On the Closing Date, the Purchaser will assign to the Trustee pursuant to the Pooling and Servicing Agreement all of its right, title and interest in and to the Mortgage Loans and its rights under this Agreement (to the extent set forth in Section 15), and the Trustee shall succeed to such right, title and interest in and to the Mortgage Loans and the Purchaser's rights under this Agreement (to the extent set forth in Section 15)”. Also, an Assignment of Mortgage must accompany each note and this almost never happens.
We believe nearly every single loan transferred was transferred to the Trust in “blank” name. That is to say the actual loans were apparently not, as of either the cut-off or closing dates, assigned to the Trust as required by the PSA.
Rather than continue to fight for the “put-back” of individual loans the investors may be able to sue for and argue that the “true sale” was never achieved.
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