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MERS CEO R.K. Arnold Leaving Company

Tyler Durden's picture





 

Is the biggest fraud in the history of the US housing market about to come unglued? If so, take our prediction of a $100 billion total in future BofA rep and warranty reserves and triple it.

From the WSJ:

The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement could come within days, according to people familiar with the matter.

The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm's board of directors has met in recent days to address the fate of the company and its chief executive, R.K. Arnold, the people said.

Arnold and other MERS executives didn't respond to requests for comment. A MERS spokeswoman Friday declined comment.  Arnold, a former U.S. Army Ranger, has served as the CEO and president of Merscorp Inc., the parent company of MERS, since 1998 and has been with the company since its inception 15 years ago, according to a corporate biography.

MERS was built by Fannie Mae (FNMA), Freddie Mac (FMCC), and several large U.S. banks in 1996 as an electronic registry of land records. That created a parallel database to facilitate the packaging of loans into securities that could be sold and re-sold without being recorded in local county courthouses, reducing costs for banks. The company's name is listed as the agent for mortgage lenders on more than 65 million home loans.

But the company's practices have begun to receive heavy scrutiny from state prosecutors and federal regulators, particularly in light of foreclosure-document problems that surfaced last fall. State and federal lawmakers have begun to consider bills that would make it harder for banks to use or foreclose on properties through MERS.

MERS's legal standing also has been challenged by legal experts because it doesn't own the underlying debt. Previously, the mortgage and the promissory note weren't split between different parties.

Critics of the company have raised concerns over whether notes were properly assigned or tracked within the electronic system. Judges have also begun to question the company's practices of "deputizing" hundreds of bank executives to handle foreclosures by naming them "vice presidents" of MERS.

 


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Fri, 01/21/2011 - 15:28 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

The rats are leaving the ship.....while still 100 miles from port. Never a good sign when the rats think their chances are better in the open water.

Fri, 01/21/2011 - 15:36 | Link to Comment DaveyJones
DaveyJones's picture

animals can hear earthquakes coming too

Fri, 01/21/2011 - 16:20 | Link to Comment crosey
crosey's picture

Yeah, it's that very low frequency, inaudible hum that makes your stomach queasy.  Sounds familiar indeed.

Fri, 01/21/2011 - 15:41 | Link to Comment chet
chet's picture

Interesting to see how much of the MERS debacle the banks can now pin on him.  I think the pack of starving wolves just identified the sickly omega member.

Fri, 01/21/2011 - 15:42 | Link to Comment patience...
patience...'s picture

Someone should poke him with a stick a few times, make sure he go's under.

Fri, 01/21/2011 - 18:33 | Link to Comment Pee Wee
Pee Wee's picture

He's going to be fine, waiting for his promotion from straw man to innocent bystander who never saw it coming.

It was Fannie and Freddie, two dead-ended government train-wrecks calling the shots, and elimination of key legislation which fired up the printing presses.

How much money did MERS rake in selling stamps and secret identities?

How much did they defraud local tax-coffers?

Fri, 01/21/2011 - 15:43 | Link to Comment Sudden Debt
Sudden Debt's picture

He's just quitting while he's at the peak of his career. Like in sports.

 

I wonder what his golden handshake will be :)

>500 million <20 billion

 

Fri, 01/21/2011 - 15:46 | Link to Comment confimationbias
confimationbias's picture

CD,

See Daily Bail:

http://www.suethefed.com/

Let us know what you think.

 

(I signed, but that's just me.)  Thanks.

Fri, 01/21/2011 - 17:13 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Monetary awards and damages could easily exceed $100 trillion dollars. Once successful, the courts will oversee the distributions of all monetary awards to each citizen based on the documentation available. Each Person, business or municipal, state or federal government stands to recover all of the money (less court costs and attorneys fees) that they have paid into the system in the form of interest payments, which we believe were fraudulently collected.

http://www.suethefed.com/about-us

While I agree with abolishing the Fed, where would this $100 trillion dollars come from? Does the Fed create it out of thin air just before it closes the front doors?

Fri, 01/21/2011 - 22:23 | Link to Comment Problem Is
Problem Is's picture

I like Ron Paul's Answer
The Fed can hold $1 trillion or more in Treasuries and issue all the debt it wants. Since it acted outside of the authority of Congress, we aren't obligated to pay for any of it...

Paul's words... not mine. But I like the idea...

Fri, 01/21/2011 - 20:55 | Link to Comment Dental Floss Tycoon
Dental Floss Tycoon's picture

Probably won't come to anything but might be entertaining theater.

Disclosure and depositions should be fun.

I'm in.

Fri, 01/21/2011 - 16:26 | Link to Comment NOTW777
NOTW777's picture

maybe he s WH bound

Fri, 01/21/2011 - 16:50 | Link to Comment johngaltfla
johngaltfla's picture

Tyler good find and CD, spot on. The mortgage fraudclosure thing is about to nuclear and this guy knows it. And the Dems and Republicans will both jump on it for PR purposes.....

Sat, 01/22/2011 - 12:35 | Link to Comment FatFingered
FatFingered's picture

Yep, check out this story that nobody has picked up yet...

Banks drop foreclosures in Southwest Florida

"Banks in recent weeks have been dropping hundreds of their Southwest Florida foreclosure lawsuits instead of facing defendants at trial, according to local attorneys and court records."

http://www.news-press.com/article/20110119/RE/101190387/1076/Banks-drop-...

 

Fri, 01/21/2011 - 19:12 | Link to Comment crazyjsmith
crazyjsmith's picture

I'm sure he'll get some cushy Gov't job where he will head a committee that regulates Banking and Lending because he had done such a smash up job running his own ship into the rocks. 

 

Fri, 01/21/2011 - 20:17 | Link to Comment Arkadaba
Arkadaba's picture

In other news, Vikram Pandit is getting a pay raise. Whuck?!!

http://www.marketwatch.com/story/citi-ceo-pandit-gets-giant-pay-raise-2011-01-21?dist=afterbell

Fri, 01/21/2011 - 15:57 | Link to Comment williambanzai7
williambanzai7's picture

Company or leaving the country?

 


"MERS is one important component of the complex infrastructure of America’s mortgage swindling system. Billions of dollars of mortgage money flow through the financial system every year. It takes many, often-unseen mechanical processes to properly get those funds into the hands of  Banksta thieves."

Fri, 01/21/2011 - 16:01 | Link to Comment hbjork1
hbjork1's picture

WB7,

I gush too much but you are actually contributing again and again and again.

Thanks.

Fri, 01/21/2011 - 16:09 | Link to Comment JLee2027
JLee2027's picture

ROTFLMAO!

Fri, 01/21/2011 - 16:42 | Link to Comment bingaling
bingaling's picture

That is RK Arnold ? He does not look like a super villain . He looks like one of his vice presidents ....clueless .

Fri, 01/21/2011 - 17:03 | Link to Comment skohiu
Fri, 01/21/2011 - 17:35 | Link to Comment scatterbrains
scatterbrains's picture

Mers has several R.K. Arnold's depending on the venue.

Fri, 01/21/2011 - 17:53 | Link to Comment davepowers
davepowers's picture

interesting resume, thanks for posting.

A lawyer whose been with MERS from the beginning and takes credit for designing the system. Definitely the guy on the spot as it falls apart.

Previously in management with Johnson & Johnson. Do they own KY Jelly?

Fri, 01/21/2011 - 18:01 | Link to Comment Twindrives
Twindrives's picture

You mean like Obama federal government workers, all clueless.  All over compensated.  All parasites.

Sat, 01/22/2011 - 03:45 | Link to Comment RichardP
RichardP's picture

This is not a true statement.

Fri, 01/21/2011 - 23:51 | Link to Comment williambanzai7
williambanzai7's picture

Thanks, that is funny. Now I see there are several internet posts that have the wrong image. Which is kind of funny given the subject matter we are dealing with ;-)

Fri, 01/21/2011 - 18:15 | Link to Comment cossack55
cossack55's picture

I have known a lot of army Rangers thru the years and none of them looked like this cat.  Maybe a mis-spell, army wranglers (jeans mfg for PXs), army Mangers (build Xmas scenes on army bases), army Wangers (helps frotect ZH trolls). Huh?

Fri, 01/21/2011 - 22:27 | Link to Comment Problem Is
Problem Is's picture

Every unit has a weasel worm impotent logistics and supply officer...

Probably where he learned to electronically record fraudulently pay authorizations...

Fri, 01/21/2011 - 22:16 | Link to Comment Problem Is
Problem Is's picture

I can hear Arnold's eye balls clicking from here...

Fri, 01/21/2011 - 15:27 | Link to Comment chet
chet's picture

I thought MERS didn't have any employees.

Fri, 01/21/2011 - 15:30 | Link to Comment DonnieD
DonnieD's picture

It was a sole proprietorship. He was the only employee.

Fri, 01/21/2011 - 15:39 | Link to Comment chet
chet's picture

His absence will leave a big hole at the company :)

Fri, 01/21/2011 - 15:57 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Talk about a scam.

When I think of MERS, I think surreal.

Fri, 01/21/2011 - 16:24 | Link to Comment Sokhmate
Sokhmate's picture

As in Surreal Estate

Fri, 01/21/2011 - 16:30 | Link to Comment TruthInSunshine
TruthInSunshine's picture

+1 nice

Fri, 01/21/2011 - 18:08 | Link to Comment Pee Wee
Pee Wee's picture

I dig it.

Fri, 01/21/2011 - 19:16 | Link to Comment Hephasteus
Hephasteus's picture

The surreal estate market goes head to head with the virtual property markets. See the knock down drag out fight this sunday sunday sunday....

Fri, 01/21/2011 - 15:58 | Link to Comment Commander Cody
Commander Cody's picture

I think the big hole goes with him.

Fri, 01/21/2011 - 19:17 | Link to Comment Hephasteus
Hephasteus's picture

Dey took our JOB!!!

Fri, 01/21/2011 - 15:28 | Link to Comment apberusdisvet
apberusdisvet's picture

When is the firing squad to be formed?

Fri, 01/21/2011 - 15:29 | Link to Comment ReeferMac
ReeferMac's picture

Does he have any suitcases filled with gold? Someone check his bags if he shows up at the airport!

Fri, 01/21/2011 - 16:11 | Link to Comment JLee2027
JLee2027's picture

+1.5 tonnes

Fri, 01/21/2011 - 17:24 | Link to Comment serotonindumptruck
serotonindumptruck's picture

His suitcases are probably filled with CalPERS muni bonds and blank Promissory Notes.

Fri, 01/21/2011 - 15:30 | Link to Comment gold mining ceo...
gold mining ceos are idiots's picture

Tax evasion at a minimum

Fri, 01/21/2011 - 15:30 | Link to Comment rubearish10
rubearish10's picture

Well, "blow me away"!! Would anyone have thought FraudClosure could linger this long? The system is crawling to the brink, yet again, albeit ever so slowly thanks to the Scam Artists.

Fri, 01/21/2011 - 15:31 | Link to Comment cowdiddly
cowdiddly's picture

You think thats bad? 40% of Irish Cabinet members have resigned in the last 2 days. Leaving Cowen like a bad woman. Irish govt imploding. The wheels are starting to come off everywhere you look.

Fri, 01/21/2011 - 15:47 | Link to Comment cowdiddly
cowdiddly's picture

and getting worse. Tunisia, check. Ireland, check. Never mind congress thinking of allowing state bankruptcies and whacking state retirement pensions.

http://globaleconomicanalysis.blogspot.com/2011/01/irish-government-collapses-six-cabinet.html

Fri, 01/21/2011 - 17:34 | Link to Comment Hollow_Point
Hollow_Point's picture

BTFD

Fri, 01/21/2011 - 15:32 | Link to Comment A_MacLaren
A_MacLaren's picture

Be Quick!

The time is nearly here to be long torches and pitchforks, tar and feathers.

Fri, 01/21/2011 - 15:53 | Link to Comment ReeferMac
ReeferMac's picture

Oh.. what a dream THAT would be! Could you imagine the Reflection pool all lit up at night with the flicker of torchlight glinting off the cold steel. Then a quick March down Pennsylvania Avenue.... Sigh.

Fri, 01/21/2011 - 15:34 | Link to Comment sodbuster
sodbuster's picture

R.K Arnold? What's the R.K. stand for- Benedict?

Fri, 01/21/2011 - 15:40 | Link to Comment JohnG
JohnG's picture

Rat King

Fri, 01/21/2011 - 16:25 | Link to Comment JLee2027
JLee2027's picture

I am shaking with laughter. Stop it!

Fri, 01/21/2011 - 15:37 | Link to Comment Milestones
Milestones's picture

My guess is there is still another shoe to drop in this thing, and some very big tits are going to be in the wringer shortly.      Milestones

Fri, 01/21/2011 - 18:13 | Link to Comment Pee Wee
Pee Wee's picture

Congress?

The world got snookered by Fannie and Freddie shielding the fraud from Wall St. all the way to the US capital.

Who can sue a GSE-once-removed?

Fri, 01/21/2011 - 15:40 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

His leaving the company has nothing to do with the frau...er... complications of these mortages. It's to spend more time with his family and to work on his memoirs.

Fri, 01/21/2011 - 15:42 | Link to Comment Jim in MN
Jim in MN's picture

Tyler and Netizenz, this is Off Topic (well, unless Turning of the Worms is the topic), but unbelievable...the Irish Times is saying that Sinn Fein's Gerry Adams could well be the main opposition leader in Ireland in six weeks' time due to the crash, the EU/IMF, and stupendous political blundering on the part of the current Irish PM (the one who just fought off a leadership challenge, yah that one):

 

http://www.irishtimes.com/newspaper/opinion/2011/0121/1224288008810.html

 

Taoiseach's blunder leaves party fighting for survival

Gallows humour was about the only response left for Fianna Fáil TDs as they contemplated the political wreckage yesterday. The look on their faces showed varying levels of shock, anger and sheer despair. Even the Opposition was so stunned that the usual crowing at the discomfiture of a political opponent was distinctly muted.

In the immediate aftermath of yesterday’s debacle there was plenty of wild talk among Fianna Fáil TDs, and even some Ministers, about another attempt to change the leader but whether that will come to anything is a moot point. In any case time is fast running out for a change of leader with an election due in less than two months.

That election will amount to a fight for survival for Fianna Fáil. The party is dangerously close to the position of the Irish Party, which became extinct in 1918 having dominated Irish politics for decades, or the Italian Christian Democrats in the 1990s who expired after running Italy for nearly half a century.

The Irish system of multi-seat proportional representation may save Fianna Fáil from the fate of the Irish Party but there is a critical mass below which it may prove impossible to recover, particularly if it not the biggest party of opposition in the next Dáil.

While a number of recent opinion polls have put Fianna Fáil on the same share of the vote as Sinn Féin it is still widely assumed that when it comes to the election on March 11th the traditional party of power will be comfortably ahead of Sinn Féin in the opposition stakes.

However, things have now got so bad for Fianna Fáil that it may be dangerous to make any assumptions. The party has become such a toxic brand that it is likely to attract very few transfers when the votes are counted. By contrast Sinn Féin’s outright rejection of the EU-IMF bailout may make the party a second home for voters who opt to give their number one to far-left candidates or even those who vote for populist candidates coming from a right-wing anti-EU perspective.

If the polls during the election campaign continue to show Sinn Féin level with, or even ahead of, Fianna Fáil then the unthinkable could happen and Gerry Adams would end up the leader of the biggest opposition party in the Dáil. That is still an unlikely prospect but not nearly as unlikely as most political observers would have believed just a few months ago.

Fianna Fáil now has to find some way of picking itself up and devising a coherent battle plan. If it doesn’t find a way to do it quickly then Irish politics may be facing an even greater transformational moment on March 11th than anybody had imagined.

Fri, 01/21/2011 - 16:14 | Link to Comment Implicit simplicit
Implicit simplicit's picture

I hope Adams gets in. He's got more balls and brains than the rest put together.

Fri, 01/21/2011 - 20:24 | Link to Comment Arkadaba
Arkadaba's picture

+ Agree

Fri, 01/21/2011 - 15:47 | Link to Comment T Rex
T Rex's picture

http://www.suethefed.com/

 

Sue the FED

Fri, 01/21/2011 - 15:48 | Link to Comment lincolnsteffens
lincolnsteffens's picture

Perfect!!  A quasi-legal company created by quasi Govt. sponsored agencies ( told by Govt. directive to make loans for unqualified buyers) in consultation with quasi-moral banksters supported by quasi money laundering Fed. A systems failure of the perfect storm variety.

Is there really any place to hide your savings? Gold, silver?? Forget commodities which will collapse when the prices get too high again and no one can afford them.

It is a lot more fun to just run with the sheeple and live in a home without paying your mortgage any more.

Sat, 01/22/2011 - 09:24 | Link to Comment A Man without Q...
A Man without Qualities's picture

This article is a classic piece of government propaganda.  The first point is, the false purpose of the story is to say that the CEO is leaving.  The fact of the matter is, so fucking what?  The guy is irrelevant, and without any true objective. MERS is a shell, and is actually run as a booking department by the banks.   What is key to this article is the live

MERS was built by Fannie Mae (FNMA), Freddie Mac (FMCC), and several large U.S. banks in 1996 as an electronic registry of land records.

What they are trying to do is reshape MERS into some sort of official government aligned agency by claiming that the GSEs where the original creators.  This is horseshit.  MERS was and still is a private company created by the originator banks.  Fannie and Freddie stuck their name to it, but they had not previously needed it to do their job.  The purpose of MERS was to support the private label (sub-prime, and non-standard mortgages) that the banks were looking to originate and then sell to others.  

State and federal lawmakers have begun to consider bills that would make it harder for banks to use or foreclose on properties through MERS.  

This is another lie - the laws are already in place.  What they are trying to do is pretend their are "new" laws so they claim all earlier issues will be ok.  I suspect there is some idea that they will absorb MERS into the GSEs, thereby providing a balance sheet that will allow the loans to be pulled out of the REMIC and matched with the title deed so they can actually foreclose.  We shall see...

Fri, 01/21/2011 - 15:51 | Link to Comment snowball777
snowball777's picture

Heckuva job, shitstain. I hope your golden parachute fails to open, asshole. Good riddance. 

Fri, 01/21/2011 - 15:57 | Link to Comment Threeggg
Threeggg's picture

Just change the accounting like Verizon and everything is peachy.

http://finance.yahoo.com/news/Verizon-moves-202B-in-pension-apf-1148047506.html?x=0&sec=topStories&pos=8&asset=&ccode=

$20.2 billion just disappears !

Presto chango Alacazzam !!

Fri, 01/21/2011 - 16:28 | Link to Comment Sokhmate
Sokhmate's picture

Please, can I use the same time machine? I need 2 minutes only.

Fri, 01/21/2011 - 19:27 | Link to Comment Hephasteus
Hephasteus's picture

From bridge under water to water under the bridge. You can tell verizion plays scattergories on yahoo games.

Fri, 01/21/2011 - 15:55 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Fantastic article and summary of the crisis (and that's an understatement) that is everything MERS, Zero Hedge.

Fri, 01/21/2011 - 15:56 | Link to Comment glenlloyd
glenlloyd's picture

they weren't just deputizing executives, they were really deputizing anyone who would signoff on shoddy paperwork.

Fri, 01/21/2011 - 15:58 | Link to Comment the rookie cynic
the rookie cynic's picture

I hear Fannie and Freddie are hiring.

Fri, 01/21/2011 - 15:58 | Link to Comment azusgm
azusgm's picture

Leaving the company? Waiting to hear if he is also leaving the country.

Adios.

Fri, 01/21/2011 - 16:01 | Link to Comment waterhorse
waterhorse's picture

The Bureau of Consumer Financial Protection is without a director.  Wouldn't this guy be just the "perfect" pick?

Fri, 01/21/2011 - 16:07 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

All part of the creeping metastasis of the foreclosure cancer.  This one can't be solved by the oligarchs in a back room, with their favorite CONgress-Critters cleaning up the mess. 

Fresh off the Ibanez case, we now look towards the Bevilacqua case in Massachusetts.

 http://www.nakedcapitalism.com/2011/01/mass-supreme-court-to-consider-whether-buyers-out-of-faulty-foreclosures-actually-own-property.html

The answer, by the way, is "no, they do not."  Look out below. 

Fri, 01/21/2011 - 16:08 | Link to Comment wherewasi
wherewasi's picture

 

"MERS was built by Fannie Mae (FNMA), Freddie Mac (FMCC), and several large U.S. banks in 1996 as an electronic registry of land records"

 

For all you cynics who think the bankstas never create anything...

 

Fri, 01/21/2011 - 16:09 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Judges have also begun to question the company's practices of "deputizing" hundreds of bank executives to handle foreclosures by naming them "vice presidents" of MERS.

 

Priceless.

Judges have just now apparently awoken from their intellectual slumber, and have "begun" to question the entire issue of any validity of what MERS is or what it does....

.....I always say I am prepared for any bullshit, and then the bullshit I can't possibly be prepared for seems to find me again.

Fri, 01/21/2011 - 16:11 | Link to Comment sodbuster
sodbuster's picture

No shit!! I'm covered in the stuff!!

Sat, 01/22/2011 - 10:15 | Link to Comment Antipodeus
Antipodeus's picture

TruthInSunshine wrote:

 

".....I always say I am prepared for any bullshit, and then the bullshit I can't possibly be prepared for seems to find me again."

If I could 'fan' you, I would!

Fri, 01/21/2011 - 16:09 | Link to Comment bania
bania's picture

Mission Accomplished.

Fri, 01/21/2011 - 16:15 | Link to Comment Founders Keeper
Founders Keeper's picture

[Is the biggest fraud in the history of the US housing market about to come unglued?]---TD

Yes.

How 'bout that rumor the US government is working out a "solution" for the housing disaster this spring? I expect all residential and commercial property will be officially nationalized eventually. (Of course, through Fannie and Freddie, we are already there unofficially. Property tax is another matter, but that's for another post.)

So, if my mortgage is serviced by and the deed held by the U.S. federal government, does that make me a "renter" to the govt? If the government is my landlord, would the government have expanded powers to enter my home without my consent?

As a former tenant of apartments, I can tell you the landlord had authority to enter my apartment if he or she had reason to believe I was in violation of the lease agreement. 

What if, under a nationalized system, the "lease agreement" included such provisions as...oh...limits on firearms, ammunition, and calibers per household. Far fetched? Maybe. But, anyone with plans to abolish the U.S. Constitution also has plans for how to get the guns. The 2nd Amendment is a real bugger for them.

 

Fri, 01/21/2011 - 16:31 | Link to Comment JLee2027
JLee2027's picture

Nationalized private property would quickly lead to an armed and open revolt. They know it, and wouldn't dare.

Fri, 01/21/2011 - 18:58 | Link to Comment Seasmoke
Seasmoke's picture

Not even if they "rent" me my house for $100 a month , will i sign up for the government to be my landlord

Fri, 01/21/2011 - 16:16 | Link to Comment bankonzhongguo
bankonzhongguo's picture

If anyone sees this guy walking down the street, please punch him in the face.

Jesus says; "Its OK."

Fri, 01/21/2011 - 16:32 | Link to Comment JLee2027
JLee2027's picture

No, it's not ok.

Fri, 01/21/2011 - 21:06 | Link to Comment kickball
kickball's picture

If you don't sin, Jesus died for nothing

Fri, 01/21/2011 - 16:39 | Link to Comment DaveyJones
DaveyJones's picture

JC said to drag him into the temple first

Fri, 01/21/2011 - 19:21 | Link to Comment Hephasteus
Hephasteus's picture

No jesus is busy implementing a plan that lasts 2000 years with no discernable results involving getting rid of the banksters and money changers by loving them harder and harder till they stop. I think this might just be a con.

Fri, 01/21/2011 - 16:19 | Link to Comment docj
docj's picture

Hope someone's fitting him with an ankle bracelet for tracking purposes.

And making sure he's not cleared for travel to any non-extradition treaty countries.

Fri, 01/21/2011 - 16:44 | Link to Comment Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

What a douchbag. You can just see it in his face he is a moron.

Fri, 01/21/2011 - 16:59 | Link to Comment Agent P
Agent P's picture

Tip to MERS Board: Make sure to keep the original copy of the letter of resignation on file.

Fri, 01/21/2011 - 20:26 | Link to Comment Arkadaba
Arkadaba's picture

+ intelligent sarcasm!

Fri, 01/21/2011 - 17:02 | Link to Comment Logans_Run
Logans_Run's picture

did they have to mention that he is a former Ranger-buddy to demonstrate to us that he really is a partriotic citizen and after all really had the best interests of the average American citizen at heart?

Fri, 01/21/2011 - 18:45 | Link to Comment Pee Wee
Pee Wee's picture

Even the rangers need someone to fill the drinking fountains and color code ink pens.

It is where he got his rubber stamp experience.

Fri, 01/21/2011 - 20:28 | Link to Comment Arkadaba
Arkadaba's picture

surprising they didn't mention he was a boy scout too.

Fri, 01/21/2011 - 23:27 | Link to Comment Dburn
Dburn's picture

They should have a Boy Scout reference but they 've had their scandals too. So pretty soon we'll see "he was generally regarded as a good student by his now deceased principal, who died under mysterious circumstances earlier today, and also considered a good child to his parents, who were degenerate gamblers and ran a house of prostitution. Both parents died this morning under mysterious circumstances too which is why he won't be available to the press as he and his lawyers verify the validity of the death certificates in order to assure the insurance company that his parents are indeed dead so he can take the proceeds from a substantially large insurance policy taken out on his parents yesterday ( strangely enough) by an insurance company that no one has ever heard about but we are told is well regarded in the moon beam industry.

In other news Verizon says they are looking forward as the place 20 Billion dollars of losses in the past as they note in the SEC filing that it won't have any material effect on current operations as it was a non-cash loss. In short, they are still coming out with the iPhone much to the relief of shareholders and consumers alike. The stock rose 1.2% in after hours trading .

Fri, 01/21/2011 - 17:33 | Link to Comment anony
anony's picture

After three years of a steady diet of all this fraud, lying, corruption, criminal, immoral, unethical, smarmy, smegmatic behavior from practically everyone in the Financial and Mortgage scams, and the apparent eternality of it, I'm beginning to think those who have never spent one second looking at it are far better off in their heretofore concupiscent indifference.

They have to feel better knowing that no matter how much they would have learned they can't and couldn't, are totally impotent to do anything about it just like the rest of us who have studied every blatant bit of bullshit and the nuances that accompany in depth examination of the entrails.

I'd rather not see another autopsy. I get it.

Fri, 01/21/2011 - 17:52 | Link to Comment serotonindumptruck
serotonindumptruck's picture

...concupiscent...

Had to look that one up. Nice.

Your autopsy metaphor works well also. Like Ned Zeppelin points out above, the internal organs of the deceased had become so metastisized with malignancies, that life was no longer possible. 

Fri, 01/21/2011 - 20:34 | Link to Comment Arkadaba
Arkadaba's picture

I had to look that one up as well ... 

Edit: but I don't understand how it is used in that sentence, do you?

Sat, 01/22/2011 - 00:47 | Link to Comment serotonindumptruck
serotonindumptruck's picture

Hmm...you have a good point. Words have meaning, after all.

In the context that the word is used, I would speculate that it could be translated as:

a willful, pleasurable and enthusiastically-embraced cognitive dissonance.

Sat, 01/22/2011 - 20:08 | Link to Comment anony
anony's picture

Exactamente.

Fri, 01/21/2011 - 17:37 | Link to Comment samsara
samsara's picture

So he's doing a "James Lockhart"  and after doing his stint in the private sector ensuring the Banks got what they wanted,  cashed in and got a corner office? 

Like Lockhart did after 'Regulating' Fannie and Freddie goes to work for Wilbur Ross?

 

'Officials such as Lockhart have become hot commodities. The revolving door between government and business is not new, and connections inside Washington have long been a calling card in the private sector. But some executives say the qualification Wall Street now covets is a fine-grain understanding of how regulators are managing the mortgage market and planning for its transformation. Lockhart's "expertise is what we are interested in," said Wilbur Ross, who hired the former regulator. "He's looked at an awful lot of mortgages, given the regulatory background he has. We are very interested in his expertise as opposed to his connections."

Other former federal officials are scrambling for a piece of the action. Joseph J. Murin, former president of Ginnie Mae, which guarantees securities linked to government-backed mortgages, and former Federal Housing Administration commissioner Brian Montgomery, set up a consulting shop on L Street in mid-August.'

http://theautomaticearth.blogspot.com/2009/09/september-14-2009-colliding-collapses.html

Fri, 01/21/2011 - 18:09 | Link to Comment americanspirit
americanspirit's picture

Those who would like to march armed on DC better read a little bit of history regarding what happened to the war veteran 'Bonus Marchers" at the hands of that great American hero Douglas MacArthur. There will always be a MacArthur waiting for them. Armed marches will never succeed. However - you can accomplish the same thing: buy a little silver each week/month; buy only locally grown food; stop banking at anything but a small local bank; get rid of your credit cards; grow your own tobacco if you smoke cigarettes; use only generic drugs whenever possible; practice preventative medicine and stay away from doctors/hospitals if you can; stop shopping at big box stores and only shop locally; make TSA do a body search regardless of the inconvenience; consider everyone in a suit or other kind of uniform a sociopath; own as many unregistered guns as possible; stop eating fast food, period; stop respecting anyone in authority; get to know your neighbors; don't break any traffic laws and starve the municipal beast; learn to love rice and beans; make a garden - better yet, make a community garden; ditch the TV and show your kids this activity called reading a book; stop buying tickets to sports events, concerts etc; drive only cars that are 10 years old or more; barter for what you need whenever possible; lose weight and exercise; oh - and be extra nice to assholes (it drives them crazy and they simply vaporize).

Fri, 01/21/2011 - 18:22 | Link to Comment cossack55
cossack55's picture

And his asst. was DD Eisenhower. Can you say Petraeus?

Fri, 01/21/2011 - 20:05 | Link to Comment GreenSideUp
GreenSideUp's picture

Completely agree with you.  Have been doing a lot of this stuff and more for a couple of years.  Starve the beast.  

Fri, 01/21/2011 - 20:08 | Link to Comment flacorps
flacorps's picture

I thought Smedley Butler cleaned out the Bonus Army?

Sat, 01/22/2011 - 10:42 | Link to Comment Antipodeus
Antipodeus's picture

No, that was MacArthur.  Smedley Butler declined to be involved in a proposed military coup against F.D.R. known as the "Business Plot", because (surprise, surprise!) businessmen were involved in it.  ONE of whom was reputed to be one Prescott Bush (ring any bells?).

(From Wikipaedia)

"In 1934 he was involved in a controversy known as the Business Plot when he told a congressional committee that a group of wealthy industrialists had approached him to lead a military coup to overthrow Franklin D. Roosevelt. The individuals that were involved denied the existence of a plot, and the media ridiculed the allegations. The final report of the committee claimed that there was evidence that such a plot existed, but no charges were ever filed. The opinion of most historians is that while planning for a coup was not very advanced, wild schemes were discussed."

 

Proposed Bill to put before Congress:  "NO member of the Bush Clan, whether by birth or marriage or adoption or cloning or resurrection, shall be permitted to hold ANY position in Government, whether Federal, State or Local, above the position of ASSISTANT DOG-CATCHER, for the next 100 YEARS, on pain of DEATH."

 

(There, that makes me feel better!)

 

 

 

 

 

 

 

Fri, 01/21/2011 - 23:57 | Link to Comment Alexandre Stavisky
Alexandre Stavisky's picture

http://en.wikipedia.org/wiki/Matryona%27s_Place

The only way out of the "hole" is to resist peaceably for what is right, to oppose evil without violence, to endure to the end.  There is no escape in this world, in this life, in this "place".

That we are here is testament to a karmic inheritance and a ransom which MUST be paid.  So suffer to stay upright!

None are fit to speak it or even fasten a latchet on the footpiece of great lawgivers, benefactors, ransomers.

Time to bow down and submit, sackcloth and ashes, with an awareness of why one must pass through this epoch of deceit and ruin.

See: http://www.imdb.com/title/tt0260688/

Al Zoua (Princes and Paupers)

Fri, 01/21/2011 - 18:23 | Link to Comment whoopsing
whoopsing's picture

..concupiscent...was the "word of the day"at thr printer I visited this week....spooky. On another note,Can I get some opinion's on the possible opportunity' of squatting in some of these empty bank(?) owned house's? Got quite a few around that no-one ever seem's to visit or upkeep.Who own's these thing's? why not me?

Fri, 01/21/2011 - 20:09 | Link to Comment flacorps
flacorps's picture

Randy Quaid got caught squatting. THe charge was felony vandalism.

Fri, 01/21/2011 - 22:14 | Link to Comment Fearless Rick
Fearless Rick's picture

Interesting question. I'd check your state laws on Adverse Possession and proceed accordingly. I suppose deals could be made with the local authorities as well. They need the revenue. Share the wealth. Free houses for all!

Sat, 01/22/2011 - 10:47 | Link to Comment whoopsing
whoopsing's picture

Thank's for the pointer Rick. Lot's to consider for sure. It's not even about a "free" house,it's more about giving these f$%ker's a kick in the nut's for making me have to look at an unfinished house for the last 5 year's

Fri, 01/21/2011 - 18:25 | Link to Comment americanspirit
americanspirit's picture

And remember "I am in charge here" Al Haig?

Fri, 01/21/2011 - 19:28 | Link to Comment ZackAttack
ZackAttack's picture

Stepping down to spend more time with our money.

Fri, 01/21/2011 - 20:08 | Link to Comment flacorps
flacorps's picture

I'm thinking single-car accident or sleeping pill overdose. This cat knows too much...

Fri, 01/21/2011 - 20:53 | Link to Comment snowball777
snowball777's picture

You may want to update that profile, dipshit...

http://www.linkedin.com/pub/r-k-arnold/3/79a/8a6

Fri, 01/21/2011 - 21:43 | Link to Comment americanspirit
americanspirit's picture

Smedley Butler? Go to www.archive.org and download "War Is A Racket" by Maj. Gen. Smedley Butler. I think you've got the wrong man my friend.

Fri, 01/21/2011 - 22:02 | Link to Comment TeMpTeK
TeMpTeK's picture

Who did he hand in his resignation to?

Fri, 01/21/2011 - 22:12 | Link to Comment Problem Is
Problem Is's picture

But The RK Arnold Name Will Live On

To: All Foreclosure Document Preparers

From: MERS Signature Approval Team

Please find enclosed the newly approved RK Arnold Robo signatrue stamp. Apply to all back dated documents now  in progress.

Supersedes the T. Geithner and retires the C Dodd Robo signature stamps.

Sincerely,

MERS Management

Fri, 01/21/2011 - 22:23 | Link to Comment Fearless Rick
Fearless Rick's picture

Actually, for real drama, who will replace him?

Candidates:

Paul Volker (recently out of a job)

John Thain (AKA Robo-EO)

Any of the 23,000 vice presidents floating around

Meg Whitman (heard she'll do anything for money)

Walt Whitman (dead, but has a nice signature)

Meredith Whitney

Whitey Ford

Ford Frick

Felix Rohatyn

Felix the Cat

Cat Stevens (AKA Yusuf Islam)

 

That's all I got for now... 

Sat, 01/22/2011 - 16:51 | Link to Comment hidingfromhelis
hidingfromhelis's picture

How can he be leaving if he was never "there?"  If a tree falls in the forest and nobody is there to hear it...?

I see opportunity here:  On Monday, I'm filing for unemployment based on his work history.

Sun, 01/23/2011 - 04:15 | Link to Comment I Am The Unknow...
I Am The Unknown Comic's picture

According to this Ft. Meyers, FL news report, BOA is withdrawing foreclosures in Florida: here's the link:

http://www.news-press.com/article/20110119/RE/101190387/1014/business/Banks-drop-foreclosures-in-Southwest-Florida

Do NOT follow this link or you will be banned from the site!