After years of claiming that assignments don’t matter and the date of assignment certainly doesn’t matter, the MERS Monster has finally changed its tune, effective July 21, 2011:
The Certifying Officer must execute the assignment of the Security Instrument from MERS before initiating foreclosure proceedings or filing Legal Proceedings and promptly send the assignment of the Security Instrument for recording in the applicable public land records
Well, harumph says I…what of all those damn post filing assignments? What about all them specious arguments made in courtrooms all across this country that said the date of assignment didn’t matter? What about the absurd argument that an “equitable assignment” had already occurred? (despite the fact that neither the pooling and servicing a agreement nor law permit such assignments) For foreclosure cases already adjudged this is problematic and for all those hundreds of thousands still pending, this change in policy is exhibit #1 in the argument that a post filing assignment cannot confer standing.
This certainly ain’t “Ding Dong The Witch Is Dead”, it’s just another stanza in “Humpty Dumpty Sat on A Wall”
And all the kings horses and all the kings men couldn’t put Humpty Dumpty back together again.
Humpty Dumpty is our real property recording system that was developed over hundreds of years in this country. A key read is Hernando Desoto’s “The Mystery of Capital” for a long explanation that our country’s success is tied largely to our real property record system that has been completely obliterated in just a few short years by all this mortgage madness. What is most astonishing (and the biggest indictment of the whole MERS madness) is the fact that no law, legislation or court decision was ever rendered to justify the MERS system prior to its widespread implementation. It was merely spread all across this country like a virulent virus that was transmitted and lay dormant in the property records impacting millions of homes all across America.
Very interesting – wonder how Courts will deal with this now – IF Courts will deal with it …..
Judges will not deal with this. They have not dealt with the truth on the lower circuit court levels in five years. They still want a rocket-docket. They will think of this as MERS policy change that has no bearing on the issues of fact. That is how they will see it. And since they do not function by the rule of law, who knows what our crazy judges will do. We will just have to wait until some pleadings are filed and see what the do.