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One Step Closer To The End: MERS Corporate Secretary Demoted

Tyler Durden's picture


MERS is finished. A month after CEO and President R.K. Arnold was the first rat to jump the
sinking fraudclosure enabling ship, the company's (and we use the term loosely - typically companies actually do stuff instead of just handing out $25 stamps) Corporate Secretary has Bill Hultman was just shown a purple slip, by being demoted to Senior Vice President. Although following earlier news that MERS is basically suspending its operations,
we are surprised that anyone pretends there is even a business model
behind the fraud. Per Bloomberg: "Merscorp Inc., operator of the
electronic mortgage-registration system under criticism by
consumer advocates amid a probe into lender foreclosure errors,
replaced Bill Hultman as its corporate secretary."


Merscorp has made a series of changes as courts debate what role it has, if any, in home foreclosures. Chief Executive Officer and President R.K. Arnold, who hired Hultman in 1998, retired last month. The company also is examining reforms, including a proposed rule change on the company’s website Feb. 16 that would stop members from foreclosing in its name.

“They’re trying to clean up their house,” said Christopher L. Peterson, a law professor at the University of Utah in Salt Lake City who has written law-review articles critical of the company. “I’m not sure Hultman was the problem. It seems to me the problem is the business model.”

Lejarde declined to comment on the reason for the change in Hultman’s role. A telephone message left for Hultman wasn’t immediately returned.

And here is a reminder why with the extinction of MERS, virtually all US mortgages will be null and void.

Merscorp’s Mortgage Electronic Registration Systems Inc.
contains more than half of all U.S. home mortgages. Members,
which include the nation’s largest banks, log changes on the
private database rather than filing mortgage assignments with
county records offices each time loans change hands.

But don't tell the ponzi market. After all just like everyone now claims they had no idea that Madoff was a ponz, so in a year or so, everyone will be stunned, stunned, that everything we see on CNBC each and every day was a pyramid scheme.


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Fri, 02/18/2011 - 17:05 | 975525 Ragnarok
Ragnarok's picture

Fantastic! Blow it up, I want a 3am call to Obama/Geithner.


OT: Gallup Finds U.S. Unemployment Up to 10.0% in Mid-February

Fri, 02/18/2011 - 17:49 | 975672 covert
covert's picture

that's just a wishful thinking kind of theroy. even though the logic is right, historically, it can't be. problems NEVER go away that easily.


Fri, 02/18/2011 - 17:05 | 975526 The Limerick King
The Limerick King's picture

No more MERS riches....bitchez!!!!

Fri, 02/18/2011 - 17:07 | 975532 DB Cooper
DB Cooper's picture

I sure hope we can stop the golden parachutes (or trade them for lead boots).

Fri, 02/18/2011 - 17:19 | 975575 Amabo Kcarab
Amabo Kcarab's picture

Time to hand out the "Golden Showers".

Fri, 02/18/2011 - 17:24 | 975599 The Disappointed
The Disappointed's picture

I wouldn't piss on them if they were on fire.

Fri, 02/18/2011 - 17:36 | 975615 malikai
malikai's picture

Kerosene/Jet-A has a golden tint to it.

Fri, 02/18/2011 - 17:38 | 975641 glenlloyd
glenlloyd's picture

not unless it's contaminated, besides, kero is much harder to ignite than gasoline and we wouldn't want any struggling or messing about while we try to light it.

Fri, 02/18/2011 - 21:16 | 976296 fuu
fuu's picture


Fri, 02/18/2011 - 22:05 | 976412 Problem Is
Problem Is's picture

"kero is much harder to ignite than gasoline"

Kero = Jet Fuel
I dunno... Two jets full of kero took down 3 steel reinforced concrete sky scrapers once upon a time...

That kero was SO powerful it knocked down the 3rd building just by breathing fumes on it...

In case there was any  doubt:


Sat, 02/19/2011 - 04:13 | 977024 Hephasteus
Hephasteus's picture

Yep that kerosene is bad stuff. It's got british thermal units, american thermal units and a whole bunch of calories in it. I think it even has some joules left over.

Funny story though. This grocery store chain wharehouse burned down and the firemen though it was arson because the fire burned so hot. They thought it had to be using accelerants. LOL People don't know one Calorie in food is = 10 calories in heat. Which is why it takes so much fertilizer to grow it which takes so much natural gas to make.

In the middle ages people used to knock a hole in the castle. Stuff a pig corpse in it and set it on fire. It would mess up the jointing material and make it easy to knock the wall down.

Sat, 02/19/2011 - 16:05 | 977773 New_Meat
New_Meat's picture

Heph, food calories are K-Cals (x 1,000)

- Ned

{I got stuck with engineering-units enforcement this afternoon ;-) }

{{ed.  Did you REALLY have to bring up the 'burn the pig' comment? eeewww}}

Sat, 02/19/2011 - 13:28 | 977476 alien-IQ
alien-IQ's picture

OT: WTF is going on with all these google audio ads here on ZH? I'm being bombarded every time I refresh the page. Loud as fuck and ANNOYING AS HELL!!!!!!!!!!

Fri, 02/18/2011 - 17:07 | 975535 Amish Hacker
Amish Hacker's picture

Pyramids? I thought they were only in Egypt.

Sat, 02/19/2011 - 02:09 | 976929 Antipodeus
Antipodeus's picture

I'm pretty sure there's at least one in Las Vegas.  "What could possibly go wrong?"


Fri, 02/18/2011 - 17:10 | 975546 beastie
beastie's picture

Make sure you log in to mersinc (if it's still alive) and grab a screenshot of whatever crap they have on file for your mortgage. You may need it in self defense.

My experience with it has been that the info on file changes every 6 months even if you haven't refied.

Fri, 02/18/2011 - 17:15 | 975557 Nepenthe
Nepenthe's picture

Agreed. Mine shows JPM as servicer through OneWest and DBS as MBS holder. None of which is filed at courthouse. If MERS goes away title chain is broken completely.

Someone is holding a big pile of shit...

Fri, 02/18/2011 - 17:22 | 975584 Amabo Kcarab
Amabo Kcarab's picture

Some are only coming up by the MIN, not property address or search criteria.


BTW...MIN stands for mortgage identification number.

Fri, 02/18/2011 - 17:31 | 975627 Quinvarius
Quinvarius's picture

Mine says investor chooses not to reveal their identity.  I wonder what that means.

Fri, 02/18/2011 - 17:42 | 975656 Amabo Kcarab
Amabo Kcarab's picture

Generally if the investor decides to not reveal their identity, you probably have and fannie/freddie backed loan.

Fri, 02/18/2011 - 17:47 | 975663 beastie
beastie's picture

You can check on the Fannie or Freddie site to find out if you are with them.

But that means diddly squat as this time last year I was with Fannie now I'm with the demon Stanley.

It's all bullshit paper.

Anyway if you want to find out here is the process



Sat, 02/19/2011 - 02:13 | 976935 Antipodeus
Antipodeus's picture

+ x 26.5 for "the demon Stanley"!  LOL



Fri, 02/18/2011 - 17:34 | 975629 Nepenthe
Nepenthe's picture

BTW WTF is a MIN if it isn't filed @ the courthouse?

I've got plenty of made up #s in my head, can I play too?

Fri, 02/18/2011 - 21:40 | 976346 Yes_Questions
Yes_Questions's picture

The FED.

Fri, 02/18/2011 - 17:18 | 975570 beastie
beastie's picture

They are still alive. Go get those screenshots

Fri, 02/18/2011 - 17:53 | 975690 kwvrad
kwvrad's picture

ok question here , What if you were forclosed on already and it turns out mers was involved, does anyone have recourse?

Fri, 02/18/2011 - 18:01 | 975713 beastie
beastie's picture

Not lawyer but .....

There may be some remedies.

Did they advertize the sale properly?

Did they attempt a workout or fake out?

There are a few more angles but the bottom line is get a lawyer

Fri, 02/18/2011 - 18:10 | 975737 kwvrad
kwvrad's picture


Fri, 02/18/2011 - 19:15 | 975917 MachoMan
MachoMan's picture

Yes.  You will need to file a motion with the court seeking to vacate the judgment against you or, alternatively, setting aside the foreclosure.  Generally speaking, you will need to allege a meritorious defense to set aside a judgment.  e.g. I paid that shit! I wasn't in default because I got an extension, they defaulted first, etc.  However, an exception lies when the judgment (or foreclosure) is void, generally on jurisdictional grounds, e.g. service/notice were not proper, but also because a fraud was committed on the court (not you, on the court...  if it was on you, you'll likely need to show a meritorious defense).  The analysis varies slightly, potentially, depending on how long it has been since the foreclosure.

Remember, your goal here is to extract money...  YOU DO NOT WANT YOUR UNDERWATER PIECE OF SHIT HOUSE BACK.  But, neither do they :).  Do not expect to get your  house back, just try and get as much settlement money out of those assholes as you can...  just be sure to deposit it in another institution ;).

PS, you need to contact a lawyer immediately.  (SoL issues aside, you may get screwed by numerous methods, including congress).

Fri, 02/18/2011 - 17:22 | 975583 knukles
knukles's picture

Hey fuck all, there we go!
Bill Hultman, front and center of the whole mortgage scam, the financial debacle, indeed the whole bloody downfall of Capitalism, Free Enterprise, Truth, Justice and the American Way. 
Look up in the sky, it's a bird, a plane....
Send his ass off to Pelican Bay, that'll scare the piss out of Washington and Wall Street, clean the system up, allow us to get a new, fresh, fair, altruistic, one for all and all for one, clean as a whistle, neat as a pin, downright, down-home, Ma, apple pie, (strains of national anthem, F-16 flyover) cleaner than Caesar's Wife or whateverthefuck the saying is good old American start.

Glad that shits' over with.

Sat, 02/19/2011 - 02:18 | 976941 Antipodeus
Antipodeus's picture

++++ ... Damn, I wish we had a "F. Brilliant!" Button!  Tyler?  Hey, Tyler!



Fri, 02/18/2011 - 17:22 | 975588 topcallingtroll
topcallingtroll's picture

Mortgage financing costs will be higher without a MERS type structure. 

When loans can be bought and sold easily (meaning they are highly liquid) this lowers the costs of mortgage financing.  Mortgage financing costs are going to go up anyway due to a number of reasons, but if banks have to hold these loans then they are going to charge higher interest rates. 

We need a non-fraudulent secondary market like MERS if we are going to provide the liquidity to keep the mortgage market as efficient and low cost as possible.

Fri, 02/18/2011 - 17:31 | 975624 Bastiat
Bastiat's picture

"We need a non-fraudulent secondary market like MERS"


We needed a non-fraudulent financial sector. 

Fri, 02/18/2011 - 17:48 | 975669 topcallingtroll
topcallingtroll's picture

that would be nice too.

Fri, 02/18/2011 - 21:27 | 976318 Yes_Questions
Yes_Questions's picture

Yeah, ever since 1913.

Fri, 02/18/2011 - 17:48 | 975667 beastie
beastie's picture

I know you are just trolling and loving it so I won't junk you.

Fri, 02/18/2011 - 17:53 | 975691 topcallingtroll
topcallingtroll's picture

 If there isn't an easy way to buy and sell loans on a secondary market then financing costs will be higher.   Highly liquid markets have lower transaction costs. 

This isn't rocket science.  I know there are a lot of people celebrating the end of MERS however we need some kind of MERS-like market to provide liquidity.

Fri, 02/18/2011 - 19:01 | 975914 spinone
spinone's picture

MERS facilitates securitization, and securitization is dead.  The government is now the buyer for M-BS.

Fri, 02/18/2011 - 21:20 | 976302 Yes_Questions
Yes_Questions's picture

 If there isn't an easy way to buy and sell loans on a secondary market then financing costs will be higher.

Not True, investors will pay more for an actual AAA-Grade security, properly escalating the price on the correct buyer.  Besides, this will be on more factor needed to bring the price of real estate where it belongs..

Sat, 02/19/2011 - 00:15 | 976721 Fearless Rick
Fearless Rick's picture

Ding, ding, ding! We have a winner!

Without a "facilitator" (otherwise known as some shithead in a suit who cranks out interest and fees on your sorry ass) such as MERS, securitization and fraud banks, home prices will fall to where they belong, or, something resembling affordability.

Back in the halcyon days of the mid-70s, I was a real estate agent. Made a good buck in a variety of ways. Houses were sold in all manner of ways. People who were F&C and in good shape often held mortgages themselves when they sold with 20% down payments.

When we get back to PITI = 25% of take home, then real estate prices will be where they ought to be. It shouldn't be a 30-year commitment, just as cars should not be financed over 7 years.

A person making $50k a year should be paying $650-700 a month for housing, meaning with 20K down, that person should be able to pay out a 15 year mortgage on a 100K home for under $800/mo

Now, let's get realistic. In the economy we're in, a couple is lucky to have both working full time, so let's take a couple bringing in $40K, with a kid, a car, etc. First, let them save $16K for the DP, then, they should be able to handle a $500/month nut over 20 years without sweating too hard.

It's what America used to be about.

Sat, 02/19/2011 - 00:27 | 976746 Rick64
Rick64's picture

 This poses another problem. We will need non-fraudulent ratings agencies.

Fri, 02/18/2011 - 17:49 | 975671 Amabo Kcarab
Amabo Kcarab's picture

Geithner...Is that you?

Wow I didn't realize you posted on ZH.

Fri, 02/18/2011 - 17:57 | 975705 topcallingtroll
topcallingtroll's picture

An illiquidity premium will be a component of your interest rate without a functioning secondary market.  I agree MERS did not follow the law. 

Don't blow my cover!

Fri, 02/18/2011 - 18:48 | 975825 Rick64
Rick64's picture

 Non fraudulent would mean registering all the mortgages at the respective county clerks office and fees being paid to them, the whole idea of MERS was to avoid this. If they are required to follow the law and pay these fees then these costs will be passed on to the consumer. So what would the advantage be of having MERS? In what sense are they a neccessary secondary market?

Fri, 02/18/2011 - 19:18 | 975966 steelhead23
steelhead23's picture

Dear Troll, precisely how does the ease of secondary transactions help the original morgagee?  I might agree that by facilitating secondary transactions, MERS facilitates more rapid bank recovery of its funds, accelerating the process, but I do not see how this helps the original borrower.  Yes, banks may wish to charge more if the securitization process is forced to be slower, but mortgage interest rates are constrained by the demand for borrowing and if the spread gets too high, people won't buy or they'll find other financing.  We already have a "non-fraudulent" system of mortgage transfer - the county clerks.  

Fri, 02/18/2011 - 19:22 | 975983 viahj
viahj's picture

don't know why this was junked, it's 100% accurate.

without MERS (may they rot in hell for being sloppy and skirting state laws) securitization of mortgage pools will be more difficult and there will be less liquidity on the secondary market (whether it's a private market or the FNMA/FHLMC disaster we have now) thus costs will rise and hence your mortgage rate will also.  this will kill off what's left of the housing industry and we can surmise what effect that will reverberate throughout the rest of the flailing economy.

Sat, 02/19/2011 - 13:23 | 977467 alien-IQ
alien-IQ's picture

you are just begging for a bitch slapping.

Fri, 02/18/2011 - 17:25 | 975601 Rotwang
Rotwang's picture

Land patents:Allodial title:Filing for record:Recording:MERS


Fri, 02/18/2011 - 17:26 | 975602 Matt SF
Matt SF's picture

What's really scary... checkout the number of foreclosure legal notices without the words "Mortgage Electronic Registration, Inc.".

Spoiler: it takes a while to find one.

Fri, 02/18/2011 - 17:31 | 975604 Zero Govt
Zero Govt's picture

The bent journos at Bloomberg are completely misrepresenting and grossly understating the REAL issue with MERS by stating, : "..under criticism by consumer advocates amid a probe into lender foreclosure errors."

The BIG issue with MERS is that it was DELIBERATELY set up by The Parasite Club to USURP STATE LAW as well as national Law. 

We're not talking about paperwork errors we're talking the lawless anarchistic above-the-law fraudsters of Wall Street (shares in MERS), Fanny and Freddie (both owning shares in MERS) and the wilfull deliberate shove it under the rug corrupt politicians of Washington DC. All 3 Parties in crime broke and pissed over State and national Law in the process.

Bloomberg once again prove to be a laughing stock of spineless crony journalists, great for the 'integrity' of your brand, well done arsewipes

Fri, 02/18/2011 - 17:37 | 975636 Rick64
Rick64's picture


Fri, 02/18/2011 - 17:40 | 975651 TheGreatPonzi
TheGreatPonzi's picture

"Bloomberg once again prove to be a laughing stock of spineless crony journalists, great for the 'integrity' of your brand, well done arsewipes"

I go to Bloomberg for financial data not available elsewhere. The 'news' are a joke. 

Fri, 02/18/2011 - 17:50 | 975673 Bastiat
Bastiat's picture

Well said.  The securities fraud angle is mind-boggling. The sellers of those MBS will be sued until there's nothing left to sue--of course on a mark to market basis there's already nothing left to sue . . .

Fri, 02/18/2011 - 19:04 | 975924 Zero Govt
Zero Govt's picture

+1 for your dry, incisive, wit ......i can only do slobbering, scatter-gun, anger at the mo but i'm workin on it!  

Fri, 02/18/2011 - 17:26 | 975611 gwar5
gwar5's picture

Glad they're gone, now, how do we disentangle all the mortgages? Title insurance? Yikes.

End the Fed and the criminal banking system. We can't do any worse.

Fri, 02/18/2011 - 17:28 | 975612 Twindrives
Twindrives's picture

Have POS Obama roll the cost into the illegal Health Care bill.  No worries, the A-Hole In Chief can do anything.

Fri, 02/18/2011 - 17:31 | 975623 Hugh_Jorgan
Hugh_Jorgan's picture

Stand by for another round of TARP-esque bank pay/bail-outs if the wheels come off and there are 100s of 1000s of mortgages that are nullified.


You know it's coming.


Life in America is about to change...



Fri, 02/18/2011 - 18:48 | 975865 JLee2027
JLee2027's picture

Shit. There would be an Egypt-style revolt first before another TARP passed.

Fri, 02/18/2011 - 17:49 | 975668 Logans_Run
Logans_Run's picture

"But don't tell the ponzi market. After all just like everyone now claims they had no idea that Madoff was a ponz, so in a year or so, everyone will be stunned, stunned, that everything we see on CNBC each and every day was a pyramid scheme."

Does that mean that the breasts were a pyramid scheme as well? Deflation is such a bitch!


Fri, 02/18/2011 - 17:51 | 975681 Dr. Porkchop
Dr. Porkchop's picture

...and one more ponzi begins to unwind..will they hold this one together with spit and shoe polish? What's little Timmy G been up to lately? I think he's in the basement planning his next suicide attack.

Fri, 02/18/2011 - 17:52 | 975684 Bastiat
Bastiat's picture

Silver going to $50 or $100 is NOTHING, systemically -- the collapse of the entire mortgage market and invalidation of the pledged assets behind the  MBS is beyond HUGE.

Fri, 02/18/2011 - 17:53 | 975688 Seasmoke
Seasmoke's picture

its looking like FREE HOUSES afterall

Fri, 02/18/2011 - 18:01 | 975716 naughtius maximus
naughtius maximus's picture

This is one of the most important stories in the last 30 years. This is one of the most important financial stories in all of human history and not one single bloody second about it is on television. Infuckingcredable!

Fri, 02/18/2011 - 18:53 | 975886 jomama
jomama's picture

it's not even stickied on ZH.

Fri, 02/18/2011 - 18:03 | 975722 Ancona
Ancona's picture

Demoted to Senior Vice President?!?!

The fuck monkey should be in handcuffs.

Again.....What the fuck?

Fri, 02/18/2011 - 18:15 | 975745 Dr. Porkchop
Dr. Porkchop's picture

Remember Matt Taibbi's latest piece; America's new motto is 'Nobody Goes To Jail (except the proles)'.

Fri, 02/18/2011 - 18:19 | 975753 sgorem
sgorem's picture

I think the F(umbling) B(bumbling) I(idiots) need to get their asses in gear and confiscate the hard drive data before these fuckers slowly fade out of memory and sight. Before everything is "accidently" erased and adds another layer of evil dogshit to the fucking morgueish mess, no?

Sat, 02/19/2011 - 02:49 | 976969 Antipodeus
Antipodeus's picture


Fri, 02/18/2011 - 18:23 | 975757 beastie
beastie's picture

OK for those who want to know who owns you here  is the form letter.

Sorry about the formatting but I'm too lazy to fix it.

Your Name Date:  Duh! Scumbag Loan Servicing
Scumbag address
Subject: Creditor Name Loan  No. xxxxxxx Debt Collection Against Your name Scumbag Loan Servicing for Undisclosed Principal

Scumbag Inc

Dear Account Representative,
I am writing pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g, to inform you that I dispute the alleged debt associated with Ocwen Loan Servicing, account number xxxxxxxx. I do not believe that I owe the amount alleged by you. Your letter of xxxxxxxxx addressed to Your Name, was the first time we have heard from you about this alleged debt. First, as is our right under 15 USC 1692g (b), we are requesting that you provide us with the name and address of the original creditor. As our loan was transferred after its origination into a securitized trust, we are demanding the identity of this securitized trust that purportedly holds our mortgage and note. Additionally, as Scumbag Loan Servicing is a mortgage servicer, pursuant to 15 U.S.C. 1641(f)(2), and upon the borrowers request, a loan servicer must disclose the identity of the holder of the borrowers obligation Further under 15 U.S.C. 1692g, I am requesting the following:
  • Please explain the nature of the alleged debt – that is, what the money I allegedly owe is for;

  • Please provide an accounting explaining how you calculated what you allege that I owe;

  • Please provide me with copies of any contracts or documents which form a basis for the alleged debt.

  • Please provide me with a complete chain of the assignment of this purported obligation from origination to the current holder who is brining this action.

  • Please provide me proof that you (Bonded Collection Corporation) are licensed in Massachusetts to collect debts.
I further request that you take the following actions:
  1. Please contact any credit agencies to whom you have reported this alleged debt, and inform them that I am disputing the debt; and

  2. Please also forward a copy of this letter to the creditor who alleges that I owe the debt at issue, and inform them that I am disputing the debt.
Except as specifically outlined herein, I am specifically requesting that you cease all contact with me about the alleged debt, as I am currently represented by an attorney in this matter.

Any further contact should be strictly in conformity with the FDCPA: It should be limited to providing me with the documentation requested in this letter, informing me that you have ceased collection efforts on the alleged debt, or stating that you are taking a specific action in relation to the debt such as commencing a collection lawsuit. Any further contact should be made in writing, and should be submitted to my attorney.

Sincerely, _____________________
Your Name

Your Spouses Name


Fri, 02/18/2011 - 18:33 | 975805 topcallingtroll
topcallingtroll's picture

Are you wanting to renege on debt?  Are you hoping to get a free house?  Do you think it is fair when people look for loopholes in order to get out of obligations?  Just curious.

Fri, 02/18/2011 - 18:52 | 975880 JLee2027
JLee2027's picture

You know how to catch a liar? The basic assumption is wrong. Here's yours:

Are you wanting to renege on debt?  

What debt? You cannot prove the debt anymore legally exists! 


Fri, 02/18/2011 - 19:16 | 975945 beastie
beastie's picture

Are you wanting to renege on debt? What Debt

Are you hoping to get a free house? No. I want Gummy bears.

Do you think it is fair when people look for loopholes in order to get out of obligations?  Oh, you mean like printing money to infinity, running ponzi schemes, MERS defrauding the state and thereby the taxpayer via not paying filing fees?

Shall I go on? 


Fri, 02/18/2011 - 19:49 | 976050 MachoMan
MachoMan's picture

The debt remains long after the lien is forgotten...  presuming the mortgage gets invalidated, the note still exists...  and you can have your wages garnished one way or the other...  not much comfort.

In other words, the debt is not extinguished from a faulty mortgage transfer...

Fri, 02/18/2011 - 20:21 | 976145 Korg
Korg's picture

the debt is still there but it is UNsecured. Quiet title your house and you and only You own it. Then sell it and take the money out of the system( buy gold bars and stash them) Now declare BK chapter 7 and then later on redeem gold bars as needed :)

Sat, 02/19/2011 - 11:57 | 977342 MachoMan
MachoMan's picture

If you are willing to resort to illegal activities (that can end you up in pound me in the ass prison), then you can avoid all sorts of obligations...  For anyone planning on doing this, I would strongly suggest you do some preliminary work with an attorney...  remember, if you tell him you are contemplating something like this, he cannot represent you and your communications are not privileged...

PS, you're going to need a good explanation to the court as to where that money went...

Sat, 02/19/2011 - 00:28 | 976750 Fearless Rick
Fearless Rick's picture

Hey, MachoMan, I heard that when your mom jerks you off, you still owe her even if you don't come.


Sat, 02/19/2011 - 11:58 | 977347 MachoMan
MachoMan's picture

No.  That would be a void contract...  (as opposed to your promise to pay the note).

Fri, 02/18/2011 - 18:52 | 975882 jomama
jomama's picture

i want a free house goddamnit.

Fri, 02/18/2011 - 18:36 | 975819 Misean
Misean's picture

Is this the episode where The Ponz moves into the room above the garage at the Cunninghams and starts calling Richie's mom Mrs. C?

Fri, 02/18/2011 - 19:14 | 975954 apeakunderthehood
apeakunderthehood's picture


Some things never change


Hope you enjoy latest post....thanks zerohedgers

Sat, 02/19/2011 - 00:33 | 976756 Fearless Rick
Fearless Rick's picture

Hey, Mr. apeakunderthehood.

You are an absolute clod.

Short silver. Yeah, right. Dumbass.

Fri, 02/18/2011 - 20:09 | 976107 jmc8888
jmc8888's picture

I've been thinking about something and want to take a pure guess.  Seeing how all these mortgages were never really transferred, nor kept track of, I would metaphorically bet all the tea in china that whenever a securitized home loan was refinanced, the old one, was never retired.  Now, sure maybe they put some numbers here and there, but the actual mortgage was just left in the pool...and continue to be sold around. 

I just wouldn't be surprised that for every refinance someone did, there is a bogus loan floating around.  Refinanced your house every 2 years for the last 10? Hey you might just have 6 loans in MERS to 6 different entities...not counting multiple sales. 

Of course, this is smaller than the whole they're all bogus, I just wanted to look at the situation from another angle.  A look on another way on how they may have misused the wholly fraudulent MERS.  It would take stuff like this to pad the numbers and hide the fraud, until the water went out and not only we saw that everybody was naked, but a unic as well.

Otherwise how did they unwind the already 'mers'-ed loan when refinancing.  (and of course most of these were 'mers'-ed again).  If they can't now....I don't see how they did THEN.

It's always best to know all the ways they committed crimes, so that if the only way to take down Al Capone was taxes, then you really never know what one of these crimes will eventually get these guys put in pound-me-in-the-ass prison.  So why not look?




Fri, 02/18/2011 - 21:38 | 976341 beastie
beastie's picture

Having looked at my own personal MERs data I suspect you are correct.

There were loans that were discharged years ago but still on their books.

Data that said Fanne was my holder. Then later changed to JPM.

Service providers changed without a letter from my old service provider.

I am still awaiting info from my current service provider to tell me who has the note and this

is months later.

Accounting on the service providers end indicated that the principal had increased and escrow never balanced to the tune of 6000 bucks missing. 

In other words they are collecting money but somehow couldn't keep the numbers straight.

Calling them was a waste of time. Literally a weeks worth of my time trying to just get the escrow screw up straighted out.

So I called their bluff. Show me the note. Show me an accounting of all payments. Prove to me I owe YOU money. Otherwise fuck off and don't annoy me.


Fri, 02/18/2011 - 21:59 | 976395 Problem Is
Problem Is's picture

MERS as Asset Empty Fall Guy
You have to think the TBTF Wall Street Criminal Fraudclosure banks set up MERS with:

  1. No Employees...
  2. No Assets...
  3. VP's are all some one else's employees...

To be a ready made holding company of nothingness, thereby being the perfect Fall Guy, Sap, Patsy...

To take the fall for all of the Robosigning, Cheated Recording Fees nationwide, Fraudclosure documents and perjury...

Suing Something From Nothing Leaves Nothing
And the Financial Liability for all of the above will end at MERS... which conveniently has no assets to sue...

While Jamie & Lloyd Keep Their Skirts Neatly Pressed
And the Wall Street Fraudster TBTF's walk away scott free...

Sat, 02/19/2011 - 08:58 | 977172 tallystick
tallystick's picture

They are a private company with 20 or so shareholders, that majority of which are found in every major city.  It shouldn't be too tough to find a venue to pierce the corporate veil and sue the shareholders of MERS, instead of MERSCORP or MERS INC.

Fri, 02/18/2011 - 23:02 | 976551 topcallingtroll
topcallingtroll's picture

I sure hate to be such a troll, but there is one thing you guys havent thought about.

If you live in a recourse state and things get so tangled up that they are unable to take your house due to your mortgage default they can still come after your personal assets and or garnish wages. It might not be worth it to a bank, but they may sell the debt for pennies on the dollar to a troll like me. Even if the person only made nickels on the dollar it would still be a good investment.

Sat, 02/19/2011 - 00:42 | 976770 Fearless Rick
Fearless Rick's picture

You are an asshole. I want to sell you my debt and see how well you do collecting.

You can have all $100,000 of it, including the bogus mortgage which is about $80K

Let's start wit that. How much you gonna put up. $20, 30K?

How about the unsecured stuff? The other $20K? You think it's worth $2000??

Go for it asshole. See how long and how hard you have to work to get a single nickel out of me, douchebag.

Come on, buy the shit up. I'd love to rake you over the coals of the legal system and play my games with you. Bank accounts? I have seven of them. None has more than $600 in it at any given moment. I have tons of cash and PMs. No assets to speak of, old cars, run my own business, have no employees, don't even own the home I live in, though I pay the taxes on it. Own another one, collect rents on it. Try getting a piece of that, you turd.

Honestly, I don't know why Tyler allows just about every last jerkoff to become a poster here. Go back to sucking dick. You were probably better at it than trolling.

BTW: You suck.

Sat, 02/19/2011 - 12:04 | 977360 MachoMan
MachoMan's picture

That's fine.  I'll get a writ of possession for your personal belongings and an order of garnishment for your accounts and you can file bankruptcy after being humiliated...  I'll serve your boss with the papers just so he knows you're a fuck up.  Publish notice in the paper for the sale of your property so everyone knows you're a deadbeat...  Worst case scenario, you get to file bankrupcy and we get stiffed for most of the scratch...  but, you'll be financially ruined for a while and it will likely fuck up your chances at landing a decent job given they'll almost certainly do a credit check...  so, at least we'll have that to keep us warm.

Point being...  if your creditors want to rake you over the coals, they have a lot of tools at their disposal and it's not going to be all fun and games...  if you live in a smallish town, everyone will be talking about you over coffee...  you can act big and bad on here and that's fine for your pappy's estate and what not...  but, this process is to be avoided if possible.

Sat, 02/19/2011 - 05:00 | 977053 Antipodeus
Antipodeus's picture

You 'garnish' when you cook the food; you 'garniSHEE' when you cook the books.  Jus' sayin'.  Sorry ... I'll go now ...


Sat, 02/19/2011 - 03:10 | 976987 plocequ1
plocequ1's picture

This fucking thing has Taxpayer written all over it.

Sat, 02/19/2011 - 04:52 | 977048 capitallosses
capitallosses's picture

No, it has legislative bailout for banks written all over it, so the taxpayer doesn't have to do another cash bailout.

Sat, 02/19/2011 - 04:39 | 977041 capitallosses
capitallosses's picture

Hey, guess what. Many residential RE loans are non-recourse, i.e. the lender can foreclose on the property but cannot obtain a deficiency judgment against the borrower. So if the collateral is now failed, how the hell is poor lender going to get a personal judgment?

Sat, 02/19/2011 - 04:50 | 977047 capitallosses
capitallosses's picture

What I'm really waiting for is to see when someone starts questioning the inevitably required legal opinions that must have accompanied all bundlings and slicings and sales of the MBSs. The decisions disapproving MERS are based on a very simple analysis of essentially "ancient" state mortgage and recording laws, no judicial legislating and creativity required here.

Of course any really smart lawyer if asked about this would have said, don't worry about MERS, WTF are you even making these BS loans for?

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