Foreclosure Defense Florida

Washington Post Blasts MERS

foreclosure-mess-MERSWhile you read this article, remember that Pinellas County Judge Walt Logan warned of this long before anyone else was alerted to the dangers in his Azize opinion.   How much more stable would our economy and our whole country be if the world listened to this Pinellas County judge so long ago?   Something to think about as we continue spiraling into chaos…..

But critics say promises of transparency and of ironing out wrinkles in record-keeping haven’t panned out. The firm, which tracks more than 60 percent of the country’s residential mortgages but whose parent company employs just 45 people in a Reston office building, is on the firing line now.

Clerks from counties across the country are suing MERS to collect unpaid filing fees. Several state courts have rejected attempts by MERS to act on behalf of banks seeking to foreclose on delinquent mortgages. And Congress is weighing legislation that would bar home loan giant Fannie Mae from buying any mortgage listed in MERS, potentially a death knell for the registry.

Washington Post

2 Comments

  • Attorney Wendy Alison Nora says:

    This article contains what I view as a malicious lie:
    As millions of homes fell into foreclosure, MERS found itself in a tricky legal position because its name was listed as the mortgage holder in local land records. Because the law allows only the mortgagee to foreclose, MERS had to either file court papers in its own name or transfer the mortgage back to the real owner. Both scenarios require huge amounts of paperwork.

    But with only a handful of employees – most of them computer technicians – MERS was in no position to do so. So MERS authorized employees at mortgage servicers, debt collectors and foreclosure law firms – 22,000 at most recent count – to identify themselves in records or court papers as “vice president” or “assistant secretary” of MERS Inc.
    There is no written authorization from MERS to the mortgage servicers attached to any assignment of mortgages and it is my opinion that the loan servicers through their lawyers created the fictitious assignments from MERS to the mortgage servicer in response to countless court actions questioning the “nominee” status of MERS–which never held the promissory note, leading to further frauds displayed on forged allonges when we asked for the original notes. Now the fraudsters are creating “wet ink” notes in cases where an “original” note is demanded and actually presented and a simple inspection of the note will show that the “wet ink” note was forged by a robot pen–no impressions appear on the reverse side of the paper.
    The article needs clarification or retraction with respect to its assertion that the mortgage assignments in the names of servicer employee were authorized by MERS.

  • Stupendous Man says:

    Wendy,

    I wouldn’t go so far as to call it a lie, malicious or otherwise. Arianna Cha has been doing some pretty good writing on the issue overall for several months now. I haven’t agreed with all of her commentary and consider some of it have inaccurate, or less than completely accurate. But I don’t think she is intentionally lying about anything.

    One inaccuracy in the current article involves the fines levied in the Mozilo settlement. Mozilo himself hasn’t, and won’t, pay a penny of those fines. Of the $67.5 million Bank of America is paying $45 million. The remaining $22.5 million is to be paid out of a Countrywide “legal fund.” If that fund doesn’t cover that amount the rest is to be “forgiven.”

    So Mozilo profits $500 million or so in the years between 2002 and 2007, is not brought up on criminal charges, and settles in the civil case without having to pay a penny.

    Our Justice system at work.

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