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MERS hasn't been in the news much in recent months, but here's word of a lawsuit [http://www.bloomberg.com/...] filed by Minnesota's two most populous counties over mortgage filing fees that the banks dodged by using MERS.

The banksters have the feds in their pocket, so it would be ironic and sweet if they finally are corralled by local and state officials who resent the way the banks messed with their property records and fees.

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  •  Top five Google searches for 'MERS': (0+ / 0-)

    1. MERSCORP Holdings, Inc
    2. Mortgage Electronic Registration Systems
    3. MERSĀ® ServicerID
    4. Municipal Employees' Retirement System
    5. Manalapan- Englishtown Regional Schools

    One and three are related to two (as well as to the content of the diary) so they point an accusatory finger in the direction of the proper acronym.

  •  MERS was always a dodge (4+ / 0-)

    MERS was created as a dodge for banks to avoid having to deal with the paperwork trail involved in transferring home loans from one loan servicer to another.

    The end result was the robo-signing scandal a few years ago. What most people don't realize is contractual law requires lien holder to prove they have documented rights to a lien by having the actual original signed documents as proof.

    Banks and other lenders used MERS to to avoid having to deal with the paperwork transfers even though it was in conflict with contractual law. They can't provide the original documents and most homeowners facing foreclosure don't realize they can demand the documents in court. No loan servicer today can provide those documents if they went through MERS. The most they can do is provide electronic copies.

    Banks get away with this because most homeowners do not understand this and are more interested in just getting out rather then spending the money for a lawyer.

    MERS-1
    Homeowners-0

    •  Yes, exactly. This is the only thing that is (1+ / 0-)
      Recommended by:
      KenBee
      They can't provide the original documents and most homeowners facing foreclosure don't realize they can demand the documents in court. No loan servicer today can provide those documents if they went through MERS. The most they can do is provide electronic copies.
      preventing someone I know from foreclosure trial and eviction.  This person has repeatedly demanded the ORIGINAL signed documents and the mortgage lender - WHICH ALSO KEEP CHANGING HANDS - is not able to produce them.

      MERS is a phantom, a shell that I'm absolutely certain the banks and mortgage lenders KNEW in advance to set up.  Instead of a paper trail they have only a VAPOR TRAIL and they collect $$$ no matter what.

      Fookkers, may they all rot in hell!

      "For all those whose cares have been our concern, the work goes on, the cause endures, the hope still lives, and the dream shall never die." Ted Kennedy 1980 DNC Keynote Speech

      by Dumas EagerSeton on Fri Mar 01, 2013 at 12:39:48 PM PST

      [ Parent ]

  •  Added insult: LIBOR rates, fraudulent adjustable (1+ / 0-)
    Recommended by:
    KenBee

    rates on many of those floating rate mortgages.  Having a servicer changes several times, different places as the bank unloads the original note  and uses "LIBOR" as the reason the rate never changes (never goes down) in 10 years  and then the foreclosure......MERS was the vehicle to make the rapid financial wheeling and dealing fast buck artists their fortunes.
    And leave the mortgagee unable to follow the snake trail to even keep up, and to have a non good faith dealer in the serving office....clever  way to steal millions of homes.

  •  good! lots of counties should do this... (0+ / 0-)

    cheated them out of the filing fees and transparency that should be.

    This machine kills Fascists.

    by KenBee on Fri Mar 01, 2013 at 01:46:19 PM PST

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