This country is in a real mess. It’s everywhere you look, but is particularly on display in our courtrooms. Real estate has collapsed and financial markets worldwide are in disarray. Now there are many complex and moving pieces that are to blame for the collapse of the financial markets, but one of the biggest factors in the economic turmoil is the instability caused by the residential mortgage market. The entire planet knows a major factor in the world economic collapse is the fraud, corruption, errors and lies that exist within our real property and mortgage system. If you’re in this fight for real, you know the details, but here’s what’s most interesting……
WALT LOGAN, A JUDGE IN LITTLE ‘OLE PINELLAS COUNTY, FLORIDA SOUNDED THE WARNING BELLS THAT SOMETHING WAS VERY WRONG IN THIS COUNTRY LONG BEFORE ANYONE ELSE IN THE WORLD DID
Below is the conclusion from a detailed law review article….it details a disturbing phenomena, where courts recognize that laws are being broken, but they fail to do the real job of our courts….take the hard medicine and enforce the laws.
While the MERS system may be a ” commercially effective means of business,” it runs afoul of established foreclosure law, and courts should rule accordingly. As one court put it, ” [t]he [lending] institutions seem to adopt the attitude that since they have been doing this for so long, unchallenged, this practice equates with legal compliance. Finally put to the test, their weak legal arguments compel the Court to stop them at the gate.” But as the mortgagee of record for nearly two-thirds of newly originated residential mortgages in the United States, MERS has long since left the starting gate. The question now is whether they will be stopped before they cross the finish line.
But pay attention to the footnotes and in particular read the Order that was issued by Judge Walt Logan long, long ago. I ask a question again that I’ve asked time and time before….
WHAT IF THE WORLD HAD LISTENED TO WALK LOGAN IN 2005?
In dismissing twenty MERS-initiated foreclosure actions in Florida in 2005, Judge Walt Logan made the following observation: ” The MERS situation seems to have resulted from the establishment of the corporation and agreements with lenders without the participation of the Florida Legislature or the Supreme Court in its rule making role. The fact that the market might find it easier to operate with the real party in interest somewhere in the background of a foreclosure lawsuit is not a compelling reason to modify the traditional requirements of a party to establish status to bring litigation.” Mortg. Elec. Registration Sys., Inc. v. Azize, No. 05- 001295CI-11 (Fla. Cir. Ct. Aug. 18, 2005). Mortg. Elec. Registration Sys., Inc. v. Revoredo, 955 So. 2d 33, 34 (Fla. Dist. Ct. App. 2007).
But More Importantly,