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Judge Finds MERS Has No Right To Transfer Mortgages, Finds Entire MERS Process Illegal
There was a time when news, especially very bad news, moved stocks. The last time that occurred was in the middle of 2009, before most robots had any idea just how massive the chairsatan's schizoid break with reality was. Now, that the appropriate sociopathology is fully priced in, bad news tends to have an even more profound upside impact on stocks than good news, as it guarantees that the Zimbabwe stock market will be upon us far sooner than if the economy were to have to go through another inter-QE episode. Which is why the just released news out of US Bankruptcy Judge Robert Grossman of Central Islip, New York, that MERS lacks rights to transfer mortgages will likely send the entire S&P circuit breaker up.
From Bloomberg:
“Merscorp Inc., operator of the electronic-registration system that contains about half of all U.S. home mortgages, has no right to transfer the mortgages under its membership rules, a judge said...U.S. Bankruptcy Judge Robert E. Grossman in Central Islip, New York, in a decision he said he knew would have a “significant impact,” wrote that the membership rules of the company’s Mortgage Electronic Registration Systems, or MERS, don’t make it an agent of the banks that own the mortgages..."
“MERS’s theory that it can act as a ‘common agent’ for undisclosed principals is not supported by the law,” Grossman wrote in a Feb. 10 opinion. “MERS did not have authority, as ‘nominee’ or agent, to assign the mortgage absent a showing that it was given specific written directions by its principal.”
“MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process,” Grossman wrote. “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.
“An adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States,” Grossman wrote. “It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices.”
“Without more, this court finds that MERS’s ‘nominee’ status and the rights bestowed upon MERS within the mortgage itself, are insufficient to empower MERS to effectuate a valid assignment of mortgage,” the judge wrote. “MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best.”
And with MERS now found to be a fraud, we expect MERS Commercial authority to be likewise eliminated. Which means that the entire US mortgage market, both residential and commercial, is a lie, and built on fraudulent foundations, and that every single MERS-mediated transaction will likely have to be unwound.
In reality what will happen, is that the Banker lobby will have to purchase a few more Appelate Judges, and in the worst case, a SCOTUS dude here and there, appeal the ruling to death, and end up victorious. After all, it is only taxpayer money.
BTFD.
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Awesome!!!
Totally awesome.
Alright Hamilton!
Awesome?
NONSENCE! STOP FIGITING AND LOOK ME IN THE EYES WHEN YOU'RE SPEAKING!
ANY JUDGE CAN TELL YOU THAT YOU CAN'T JUST MAKE UP A JUDICAIL VENUE. THAT WOULD BE LIKE LLOYD BLANKSHOOTER MAKING HIS OWN COURT AT 85 BROAD STREET. NONSENCE!!
What a joke! This story broke on Bloomberg 1.5 hours ago and now you can't even find unless already you know it exists and specifically search for it. None of the other major news services are carrying it.
The implications of this legal decision are profound and yet these "journalists" fail to see its importance? The wheels of the entire mortgage system are falling off and no one seems to notice? WTF? Damn, is it just me or is the world getting f*&kin' crazier by the minute?
I propose everyone on Zero Hedge refer to 'analysts' and 'journalists' as 'anal-cysts' and 'journal-cysts,' at all times going forward.
It reflects a far more accurate version of the Amerikan Reality we all find ourselves suffering through, today.
Thank you for your cooperation.
+100. 'Anal cysts'...Damn it, you made me crack a smile, on Zero Hedge, no less.
Very funny! Thank you for the laugh. I'm in a QT against MERS and the pretender-lenders and a good laugh is quite the stress reliever.
You would think that section of carpet would be tripping everyone up by now with all the shit they have swept under that mofo.
However, "Viagra Sales Climb as Men Plan Valentine's Day Romance: Chart of the Day" has been on BB TOP most of the afternoon.
but you're not really surprised are you?
By now, you understand that The implications of this legal decision are profound, and thus, you may conclude that None of the other major news services are carrying it.
If I sell widgets and run a newspaper, and widgets are found to cause cancer, do I print the story on page one?
Corporate media ftw!
Yet another reason why the president should declare the 'mortgage" itself as illegal.
If you live in a house, it is now yours, free and clear!
Now go get off you ass and campaign for Ron Paul.
Ron will put an end to the fed. But ne needs to do much more, like declare eveyones mortgage paid if full.
That's a good presential plateform to run from. It's almost like buying votes.
We re getting a new system either way you look at it. Might else well go all in for the people and take back what has been swindled away over the last 100 years.
Next people that decide to grow food in their yard will be paid with the new currency....
Many ways you can run with this. Just takes one man like Ron, he needs to be more confrontiona, in your face, like Ventura.
I think one bill like your house is yours, dude, otta fix the system.
Property rights are reserved to the States, not the Federal Government. Obama, can whine and stamp his feet all he wants but he's powerless here.
I agree with you, though, the states need to act in unison.
The Banks basically turned debt note instruments which were backed by real property and turned them into unsecured debt equivalent to credit card debt.. The real property has been severed from the note.. Chain of title broken.... The american people through Fannie and Freddie were sold Mortgage backed securities that are in fact NOT backed by any real property.... Its official now.. THE US Dollar is Toast.. America is Toast.....But at least My buddy will get his home free and clear after not paying his mortgage for the last 8 months.. There really is a Santa Claus afterall.
Ka-booooom!!!
(Until Congress gives MERS retroactive authority to transfer mortgages.)
They don't even have to, because if you don't enforce a law does it really exist?
Your statement makes we want to puke because we all know the answer.
Rally-on my friend, rally-on.
They should have a adopt a banker program and bankers should invite the americans they have stripped everthing from to live with them. Bankers should have to work and take care of everything I need.
Although I think we have the same idea...I prefer the other R-word.
ReVoLuTiOn, my friend. ReVoLuTiOn.
Head for the Hollywood Hills.
United States Constitution Article I Section 9 (3) Attainder -ex post facto law. No bill of attainder or ex post facto law ( after the fact) shall be passed.
Sorry, wrong number!! No can do. Milestones
Ask Ohio how that little gem of a rule works out.
Hell, ask GM bondholders.
I thought we came to the conclusion months ago that the law no longer applies to Wall-Street. Did I miss something?
No. The judges just haven't got the memo yet.
Precisely. With Algos the predominant movers, "people" news does not impact how the algos price stocks. Algos simply buy and sell on price and volume. Once the Algos loose stability and the direction turns down, the pointers will shift to negative and Algos will go short. It is beyond the influnce of people and or day-to-day news. I realize it is unstable system, but I am unwilling to bet against it at this time.
As long as you don't take any of it seriously - it's all quite funny really.
Theatre of the absurd...
No... But every once in a while, we like to jump up and down on good news even though the score is 42-0 and we just hit the 2 minute warning in the 4th quarter.. But hey, we just held them to a field goal attempt.. But.. they will probably fake the field goal and run it it.. LOL
more like they will throw the coach's challenge flag and dispute the spot and then the refs will re-spot the ball, re-measure for the first down and voila! ... first and 10, their drive continues.
Precisely. Ben BerNanke has been wrong about everything NOT because he is stupid!
He, and the fed have been swindling us for many years, and yet their biggest heist is just around the corner. Ben is an actor, and well versed economist.
His like Kevin Spacey in Usual Suspects. Mastmind criminal.
Ron Paul needs to tie Ben to a lie dector test if this shit is so important. It ain't goin happen.
As they race us of a cliff, they are have parachutes, and suitcases of cash, and will descent, unlike your desecnt, to the Cayman Islands,
and Glenn Beck will there scratching his head, blaming it budgets issues, the debt, the wars etc.
Criminal Negliegence is what Ben is guilty of if he is plan stupid. But he is actual plotting the death of the dollar. This is the mission, and it is predmedatative, and planned for years. >NWO
But Ben and Co wont be holding dollars. They will be holdings gold/oil and the mortgage to your house.
Have fun with that.
V
Well see. this will get buried and the MSM will never dare to entertain the idea of putting it before the public.
I've got four oz of silver to bet that Ratigan runs it tomorrow.
hope this guy doesn't ride in any small planes any time soon...
oops, forgot, the bankers are now favoring hit and runs a la andrew maguire.
Another one of Bernank's GREEN SHOOTS. This is good for BofA and the "markets"
Wow that's a set back for them though, for sure. So far they're not winning these battles.
But you're right, TD, once upon a time such a thing would cause a major move the markets.
excellent. always thot they simply dreamed up their own conveyance system w/o legal basis
now, do the same thing to obamacare and finreg
yes!
All rational people: "Ouch! That's going to hurt."
Ben "POMO" Bernanke: "Hmm no, not really."
The only way yet to put money back in the people of this nations hands.
More doom news for pathetic permabears.
In the mean time, socks are reaching new highs.
I bet $1,000 that this story will be buried : just like the silver "manipulation" lawsuit, the "Fraudclosure" thing...
The global economy is recovering, and the attempts of permadoomers to deny it is frightening.
"... socks are reaching new highs..."
Gold, silver, wheat, copper, cotton, tungsten...and underwear, too!
socks or eso si que es?
WBZ, is that Fatty Arbuckle: Woman Beater (on the right)?
Could be ;-)
if you tilt your head to the side, he looks a bit like bill clinton...
I'll say socks are reaching new highs. You've got them pulled right up over your eyes. You can't see a fucking thing.
Your moniker is apt, but you may not realize that.
Hammy is the parody of what you really dislike.
You're right. I read too quickly. I thought that was hamy's evil brother harry.
well, not all of us can be as smart, handsome and aesthetic as you dear little one. please regale us with how you caught the top in "socks" 08, then the bottom in 09, and now are riding the wave back up again.
then come back again tomorrow, and the next day, and the next day and remind us all time and again how wise you are, while the rest of us poor milksops lag your high standards of excellence.
Guys this is Hammy Wanger and you fell for it again! He doesn't use the sarcasm button!
Where is the real Harry? Aren't you going to denounce your false imposters for making a mockery of your world-view?
The banks own congress and they will pass laws making it OK for MERS to be a fraud.
Think FASB.
Why? Why would the banks or Congress bother? Why would they want to draw attention to some tin-pot little judgement that the majority of the American mortgage system has recently been based on fraud? This won't even be buried. It will just wither and die and be forgotten. The only thing that would make this have any effect would be if individual mortgagors, one-by-one, then by tens, then by hundreds, then in their thousands, sue individually. That might do the trick. People power. Congress is irrelevant. The only way you will ever defeat the banks is by suing them and winning, individually but en masse.
I agree. That's exactly what I am doing. I don't know that the power is with us little people though, but the investors are getting in on the game. Big money vs. big money - should be interesting.
Why would congress bother?
Because the banks will be buried in years of litigation from every home owner past, present, and future whom is losing their home or on the cusp.
Real estate market dives even lower due to the clouded titles.
And wait till the shitbag hits the commercial market.
The bill is being drafted as we speak, and will be cloaked in some defense spending bill.
“An adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States,” Grossman wrote. “It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices.”
And cue ObaMao & the Lackeys of Banks in that noble institution that is the U.S. Congress in....10....9....8....7....
ObaMao...Brilliant!
10 Planks of The Communist Manifesto:
...1. Abolition of private property and the application of all rents of land to public purposes....
I can't fathom that this would allow retroactive application... this is not a procedural rule... and would clearly upset vested rights... (although, vested rights tend to take a backseat to public policy). All the judge said is that the legislators can change prospective assignments, but the law in place at the present does not allow them to do so... good luck getting a mulligan out of this one...
another instance of prospectively not a big deal, but retrospectively big uh oh.
+100
Man, shit like this makes me go wacko. There is no doubt in my mind that somehow Mers will become institutionalized by making it a GSE which every mortgage has to pass through.
With a flick of that bankers pen, it will become law so foreclosures can be auto-filed online so law enforcement can get it's dispatch routes in the morning to make the most effective and productive use of the Human Home Ejectors much easier. With GPS and tracking software, computers will be able to match predicted productivity levels with actual levels to make auto adjustments in the algos for the next mornings dispatch.
Tens of Thousands of locust like little trucks will descend on America as home owners are thrown out on the street with 24 hours to remove their shit or it will be auctioned. They will repo autos and any other valuables to be held in escrow in case they need to be sold to recover costs of possession disposal. The autos then will become part of the banks assets fully restoring the deficiency between foreclosure sale and the performing loan it once was up to uh yesterday. As people scream, "how will we get our shit out if you have our cars", they will immediately get a dose of autoslime from the Home Ejector's crowd control weapons array.
Bear Talk: "Yes the good times are back, the country is on the move, deadbeats are on the streets while their homes are marked on bank's balance sheets. A Good day for bankers is a good day for America. H e e l l l Yes s s s s"
You may resume your talk about the glorious ascent of the stock called aapl
So what does this mean for people who see Mers listed on their note?
I could mean the owner of the house pre-200X ish may still be the owner of the home and all those payments the mortgage servicer collected from you were fraudulent. Plus a bunch of other stuff that I'm sure will piss you off.
Excellent simlification so even I can understand it! lol
Now that was just bad. True, but bad.
It means quiet title action.
Free houses for everybody!
<sarc>
It means you have a broken chain of title. In short you can argue that they can come after you personally for the debt but not the house.
As most here have pointed out congress critters will change the rules to protect the bankers.
The banks probably won't survive to come after you. And who would pay them anyway? A percentage yes, but a small one I think. Then there is the issue of proving who actually holds the "note" to collect the now unsecured debt, many of which were lost or destroyed apparently intentionally to hide the fraud. And what if they have or had already been paid by sale or insurance...there is no damage to collect.
What a mess.
means time for you to check out quiet title actions in your state
You never see it. That's the point.
Indeed. Catch 22. You'll have to still go to court.
"So what does this mean for people who see Mers listed on their note?"
Insert "la Bamba" cd and turn up speakers 100%
Next week some other democratic appointed judge rules against this ruling today. This is America and the banks and big money rules! No?
Next judge gets to deliver the sentence of small fines and handslaps for all. Have we seen this movie before ??
i would think that this would catch the public's eye and some lawyers. how can people not be outraged with the possiblity this ruling could be over turned. this country is home of the fools, not the brave†
See my post at the top. Article I Section 9 (3) of the U.S. Constitution: Attainder-ex post facto laws. No bill of attainder or ex post facto law (after the fact) shall be passed.
Congress will have to amend the Constitution via the people to change the law. Milestones
that document.
Not true milestones. MERS can pull all the pleadings. Wait for the law to change. Then refile. That is not ex post facto
How do you propose to change the dates on the I.O.U. note signed by the buyer and all the other papers in the trail?
It simply can't be done unless the homeowner goes back and gives the bank a new I.O.U. with a new date on it and reworks all the rest of the paperwork with new dates. Would have to be the largest village idiot in creation.
It would require retroactive action which is not allowable; even if it had to be done by the state as one person brought up.
Article I Section 10 Powers denied individual states. No state shall----pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts---.
I may be missing something as I am not an attorney, but as near as I can see, someone gonna have to do one hellva shake and bake to get around this thing if upheld on appeal. Milestones
Don't have no stinkin Constitution - just ask ObaMao.
Day 14 of DeathCare ruled UC?
It has hardly stopped them in the past. I seem to recall a good many ex post facto laws imposed by Congress, especially during the Clinton years, and in particular with respect to taxes. It made tax planning impossible.
It is not bothering CITI ;just hiring more to expand in Europe
About fucking time.
Welcome judges to 2005. Now I can finally show with proof the arguments I was making in bars way back then.
It wasn't any less real then, just everybody was fucking clueless. Finally, Cher grows up.
Both sides lackeys (and all other like sides) will be pushing hard to quell this.
Their best legal reason was pure SOPHISTRY....hey we have 50 percent of mortgages...therefore....YOU'RE STILL FULL OF SHIT.
Glass-Steagall, and the assholes can't use this legal reasoning as a reason to bail out everyone holding this now legally titled illegitimate crap.
Is this what's meant by retro active?
ROFL. No, it's backwardation. :)
[but for all seriousness I couldn't care less what a person wants to think they are]
Though I meant it as 'clueless...Cher' as in alicia silverstone's dumbass 'valley girl' character mindset that most similarly had about the topic until relative recent times. It's not that the information wasn't out there, it's that people were unaware to look for it, and/or had reason to look the other way. Basically mental sloth.
When times are good, whole societies can be infected by it. It did and we were/are. Until Glass-Steagall. But in this case, mers being shown to be illegitimate is just one of those 'spark of ingenuity' moments.
Too bad the midget porn freaks at the SEC can't have a similar alcholic's 'moment of clarity' as well. We've all seen ZH and others hand things to them on a silver platter.
I wonder how they'll try to neuter this.
Wow, This is my defense when my pesky in laws ask us why dont you buy a house.
Is this bearish for food stamps??
I'm sorry did you say something?...I was boobsmerized.
"The banks own congress and they will pass laws making it OK for MERS to be a fraud.
Think FASB."
Correct. The only thing that this ruling accomplishes is to light a fire under the banksters and their political lap dogs to make it law retroactively.
I'd say a Bonzai photo with a mushroom cloud would be appropriate at this juncture!
Ponzinomics for Dummies.
Well, not sure they have anything to sell, except the servers. If they're dual processor and in 1U rack cases I might be interested, as long as they're fairly new.
Needs music. The FIAT Boys.
http://www.youtube.com/watch?v=F-7ZrpQ2Q-s&feature=related
Also you forgot Snowbird specials available in Florida. LOL
Remember 85 percent off or 70 percent off AND Buy One, Get One FREE. YOUR CHOICE!!!!
Enjoy your new homes still at an inflated value (after discount) and hold onto them for months, maybe years as the stream of court cases is sure to clog the court system up.
We won't even try to tell you it's really yours. We'll just let you know that since we fucked up, you can have a full 95 percent confidence that you'll be able to stay in your home (err someone we defrauded) for years and before it comes, you'll be able to flip it back to someone else! It's YEARS!
Uncle Ben might even buy it back! At of course, your expense. (because to us this is legitimate debt that taxpayers must pay back into the monetary system)
No worries about Glass-Steagall or HBPA of 2007 here, we have stunningly accurate models that show this won't be a factor with 99.7% confidence.
Hurry, Hurry, Hurry....last chance to buy something with those dollars before zimbabwefication.
[disclaimer text size] Note: Not responsible for same houses trasnferred by us 1000x over to different parties, empty slabs, teenage squatters (you'll probably need some new copper btw), or anything else. We won't even give you back face value like Jerry Jones and the superbowl tickets. Your SOL. Caveat Emptor. [/disclaimer text size]
HURRY! ONE TIME OFFER!!!! NOT TOO GOOD TO BE TRUE!!!!
MERS: the standard of securitization YOU trust
LOL.....+1
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browser error
Since MERS transactions are illegal the banks will now try to do putbacks of their own to whoever owned these properties prior and get their money back. BTFD
The foreign banks will surely make a decisive move now. They are furious that they got caught holding this worthless paper.
Another victory for the bulls!
-Bob Pisani
The lawyers must be drooling.
maybe .00005% of plaintiffs trial bar; most lawyers still in shock that laws they thot they could rely on have been ignored the last few years
With that large of a potential obligation at stake, this will be made to go away.
Hey Red, they nuked you over at MW!
For the 100th time? There's a prize for that....
question
im in the MERS system from a CountryWide Loan in 2008 which is now a BofA loan.Now they want me to refi ASAP. Anyone have any recommendations?
Depends on the state, and talk to a GOOD RE lawyer. But from a purely business angle, you're in the driver's seat. They want to replace the bad paper with good paper. I'd ask them to show you the note for starters.
Yep.
As a caveat, the biggest problem with taking a proactive stance with the banks is that all you're going to do is draw their attention to their transgressions and ensure they get their houses in order by the time it comes to trial. All of the big ball busting cases in homeowners' favor have been for acts already committed... frauds already perpetrated upon the courts... assignments already happened... I hate to tell you to wait it out and hope you win the lottery (or take matters into your own hands and default and press the issue), but you may not have much of a reasonable choice.
Remember, you look like an asshole to the court who is just trying to get out of paying a mortgage when you bring the action... but when the bank brings the action and you're only trying to defend, then you're the little guy who needs help... changes the entire dynamic... and relative equities.
+1
get a good lawyer and demand to see the note. its called "wet paper".
demand to see the wets. in most states, there are laws on the books that require this.
and if you get crap about that, ask to see the "chain" of the ownership.....in about 80% of the cases, you'll find fraud at some point -- overlapping dates, suspicious signatures, etc.
Wet ink....I think
Good advice, as usual.
http://www.rall.com/rallblog/animations
A little refi humor.
I agree with the first paragraph, about them trying to "get their house in order". The problem is they will have to resort to forgery to do it. The second paragraph, not so much; if he is current he could file an interpleader action with the court. He would place his house payments in an escrow acct with the attorney or the court and the bankster could not penalize him (ding credit/late charges/junk fees) for it or foreclose until ruling made. There's more on MERS junk at chinkinthearmor.
No, they will not. The issue of forgery only applies when they have sworn to the court that a certain chain of events has occurred and the plaintiff is truly vested with the power to foreclose. However, if a foreclosure has yet to be implemented, then the bank can petition a court with all of the chain of title as parties to determine who the present owner of the note is. Likewise, if the homeowner brings suit, the bank could simply third party in the chain of title and ask the court to determine which of them owns the mortgage... then, after a determination has been made, the court will direct the plaintiff (homeowner) to pay the entity determined to be the owner and go back to his/her debt servitude/underwater palace.
The problem with the recent precedents is that the banks have become locked into their theories on the chain of title via sworn statements to the court... if they would have been forthcoming with the court, then the result would have been different...
Think about it this way, if you are brining an offensive action as a homeowner, then your remedy sought is to make a determination as to who owns the mortgage of your property so that you can ensure that you are paying the correct party every month and that upon completion of your requirements, the release is made by the right institution and clear title vests in the subsequent owner. Well, if you sue your servicer and instead of burring up, your servicer says, we don't know either, so we'll add banks X, Y, and Z, so that the court can determine the correct party and the homeowner can keep paying them... kinda takes the wind out of your sails doesn't it? All you do is get a precedent entered against you that you HAVE to pay X bank... better to wait imo. (and as I said in another thread, this is why foreclosure activity should decrease... for the time being).
As for the second part, he is going to have to keep making payments to the registry of the court anyway during the pendency of the action... this is a given... whether he pays the servicer or he pays the court, either way, he keeps paying... and, regardless of what the court decides, he's not going to get back the interpleader because the banks will have not yet committed a fraud upon the court.
While all the assignments and other documents are busy swimming in the ether, the parties are free to decide amongst themselves how to handle a foreclosure... the problem is that the banks are too fucking stupid to do this... they have to get hit with a few dozen or so cases (and a SCOTUS case) before the light bulb flashes. The fact is, at this juncture, the banks aren't certain as to what they're going to do with the putbacks. I think they're hoping most of the foreign CBs, et al, are just going to be happy stuffing the weenie... and the GSEs keep what they have... and the rest get crammed back up the originators' asses. But, they're still in denial... give it a little time. They bought plenty of time with the AG decision... but, in the end, they'll have to capitulate and cut a check to the dickfers that bought all this junk. [still have questions as to how any person/entity with a fiduciary duty to taxpayers (or anyone else for that matter) could keep any of this on its books]. (that's rhetorical... we all know that pecuniary gain and sweeping tacks under the rug is the name of the game).
Dont ask for the note!
Then you are tipping them off!
Play dumb, get a lawyer, and don't take any advice, except the above.
+1000
They will reject your request citing "legal authority".
Lawyer up.
You've got them by the short and curlies, ask to see the note!
Yeah, I recommend telling them:
a. Eat shit
b. piss up a rope
c. suck on it
d. all of the above, and DIE.
Stick it right up their behind. See my post below for details on my situation (2007 CW loan).
I have never been late on the loan, all payments are current, does that create a problem?
Yes. You are honest and frugal. You must be horribly punished for these misdemeanours..
Ha well said.
Not for you...
But is the correct party getting the money?
The answer is NO if your mortgage got securititzed.
Don't go against your conscience, just be prepared to realize that all that money sent to the wrong party was wasted. That every payment you make is to the wrong people. This is the reality for every home owner paying a mortgage that was securitized.
Who cares if a small percentage is trying to cheat at the game. The game is 100 percent fraudulent by the makers of the game. Thus anything involved during gameplay is beneath it.
The reality is that the sham continues until it doesn't, and none of us know exactly when it will change. We are right, they are wrong, and while the law is finally coming around in bits and pieces, it isn't there yet. Hopefully with this MERS realiziation by the courts, the fraudulent light will be shown.
At any time a big rat can bail from this ship, and start the domino. If Ireland could break the Inter-Alpha Group, so can this x1000.
Will there be traction?
I guess it's sort of like the question of whether an old person needs adult diapers.
Depends.
Go for 2%, or more, off the rate, no fees. I got 2% off, no fees.
Stop paying. BofA is about to fold anyway, so why not gang up on them at not pay?
U need an attorney "who gets it"..You need to screen the attorney to make sure they understand that while a note still exists.. the note is no longer secured with the house. Quiet title as mentioned by someone else would be my next move..I would not be signing anything with the banks... They will appear very eager to work with you...that game is over for them.. its a last gasp for air...Free house with a little more work..educate yourself...
Banks break laws, when is that news? thanks Ty!
There's no problem here. Just integrate MERS with Facebook, allowing lenders to befriend MERS agents, and then mortgage records can be swapped among friends like personal information and salacious gossip.
IPO in 3,2,1.
This concept of illegal vs. legal is a bararous relic. Don't you know this is the post industrial economy?
You mean you can't eat it? I suspect their are many here who would pay to watch the Banksters eat this...
Monica ate it....
The tide is turning my friends -- all because greed got in the way - Robosigner originally saving them nickels is now costing them millions
Having been involved in this MERS fiasco since July 2009, when my father died and I became estate administrator, I have to say that I am very, very fucking HAPPY with this ruling. The reason is that when my father died, he left a 3BR house with a MERS (via Cuntrywide) mortgage on it. I never made a single payment after examining the various frauds in the original mortgage documents.
Never in my wildest dreams, however, did I imagine that the entire mortgage would be ruled a complete fraud, especially right here in my home state of NY, where laws are laws and lawyers and judges uphold them.
I consider this to be TOTAL VICTORY and nothing less, for the following reasons.
1. BofA FKA Countrywide foreclosed in March 2010.
2. They have made no further motions.
3. MERS is listed as nominee on the original mortgage.
4. BofA has no standing to foreclose.
5. There's a fraudulent assignment from MERS to BofA dated AFTER the foreclosure action began, but predated to November 2009, and then dated again by the county clerk (3 diverse dates).
6. BofA - no standing; MERS - illegal. I could invoke right of recision to get back the 16K my father paid in mortgage payments, though I believe the bank has suffered enough (no need to provoke a wounded bear) by losing their security interest (the house).
7. Congress can do what it likes as far as changing the law, because they'll have to change the constitution to make it stick. No retroactive laws. I don't know the exact statute or citation, but I - and everyone else around here - know it is there, so even if congress does an end run, the result will be years of litigation which the bank doesn't want to entertain - shoot, they don't even have the guts to enter the courtroom prior to today, before this decision.
8. The fact that a NY judge has issued this ruling carries extra weight in NY.
Game over for BofA. They thought buying up Cuntrywide was a great idea (or they were coerced by Ben and Timmah) and are getting bitten in the ass for it, deservedly so. Anybody who has fought the banks and stuck it out should pop the champagne tonight because WE HAVE WON.
http://www.youtube.com/watch?v=w8KQmps-Sog
Rock on, fellow patriots, to MUSE - Uprising
They will not force us
They will stop degrading us
They will not control us
We will be victorious.
You've won until someone can produce a note and mortgage.....'scuse me, laughing my ass off on it; can't believe I posted such an impossibility...congrats!
Now that Doc-X is out of business, it might not be that easy. I have heard they are producing "replacement paperwork" in India. The burger-king robo signers here in the US of A couldn't do the job; I highly doubt India will do it better.
That effort will be the equivalent of trying to find an intelligent signal buried in the noise floor, by using white noise as a filter -- Gud luk wit dat!
And who might that "someone" be, and how would they prove standing?
Read the ruling and you might have a clue. The basis is that MERS cannot legally assign mortgages. Since they are the nominee on the mortgage, and allege they...
Wait a minute. I see your point. Thanks.
The mortgage and the note CANNOT be seperated. Period.
Tell them to eat a bag of dicks!
Three little words. Ouiet Title Filing.
http://livinglies.wordpress.com/2010/09/10/mers-deutsch-slammed-on-quiet...
You've won nothing. You'll eventually received a reasonable settlement offer, which if you do not accept, will be withdrawn when the banks finally get around to redocumenting every transaction - which they'll do.
In any case, if Fannie or Freddie backed the loan, they'll eventually end up witht he property, not you.
When they offer you a good dea, take it - but only if they warranty title.
A quitclaim deed won't suffice on this property any more.
to big to prosecute
About Time!
B of A: Bank of America Home loans this is Jamil how can I assist you?
Me: The last time I called and asked for you to provide me proof of ownership of my mortgage note and you gave me a MERS number.
B of A: Yes Mr. Tuna would you like to refinance with us today?
Me: Sure would!
B of A: How would you like 30 years fixed at 2.5 % with no money down and no closing costs?
Me: How about I stop making payments?
B of A: How does 0.25% sound?
Me: Send me the paperwork.
B of A: We'll get that in the mail today Mr. Tuna. Thank you for calling Bank of America Home loans.
This seems like a very important ruling. But I don't see it on any of the news sites that I typically monitor. Something seems fishy.
It seems that as long as most people continue to believe that banks have the right to foreclose, banks will be able to basically continue as if they really did.
Thank you, TD, for posting this. I had been busy with other matters today and this was the first chance I had to look at ZH. This article was at the very top of the page.
Great news. Outstanding news. Un-fucking-believable news.
Naturally, not news on CNBC, but wait till Kudlow gets wind of it. Could be some blowback. Kick the MF banks in the balls. They f---ed up this country, now it's their turn to eat SH-T. Sorry about my language, but these bastards bring out the worst, most vile, violent, harsh emotions in me.
Thank you Tyler and evryone at Zero Hedge.
We will be victorious!
RICO !
Yes, eye on the prize.