(Thanks for the ping paladin1_dcs)
The Comedian's "Economic Holocaust" ping list...
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 01/19/2011 10:16:36 AM PST by survivingcalifornia
MERS doesn’t actually own the loans, they’re just a servicer. Their website allows for owners to look up who currently holds their note.
https://www.mers-servicerid.org/sis/
It seems to me like some judges are overstepping their authority on the hopes that public sentiment will keep them from getting busted for it.
When a borrower signs their name and promises to repay the loan based on the terms therein, no judge should be allowed to let them skate. If this is allowed to stand, judges can be bribed to simply nullify any number of mortgages and banks will refuse to make home loans.
(Thanks for the ping paladin1_dcs)
MERS has never been thought of as an owner.
They came about because MBS dealers realized what they had done and have been trying to put the genie back into the bottle ever sense. They are a go-between. But they originally told a court (Florida, I think) that they were the owners. Actually they are a clearing house of info. They are supposed to know where EVERTHING is...paperwork, owners, etc.
MERS attempted to get around the law of recording a loan everytime it was bought and sold by having one of their people assigned as a VP at every security’s firm (dealer in MBS’s). They tried to say that the MBS’s never really got bought and sold. They were just ‘transferred’ from one location to the next.
This was thrown out immediately. MERS has lost in many states.
You see that is the thing, no one can prove that any one signed their name
Not quite, if it takes Fifteen* or more years for them to sort things out you can claim Squatter's Rights**.
*Depending on the State
**Actually termed "Adverse Possession"
Is it very difficult to locate properties that are clear (fully paid for)? It seems that this should be the route for serious buyers.
As mentioned on other threads on these events, there are a numbber of legal-moral constants that should apply.
When you sign a mortgage with its terms weighted for the lendor, it becomes a negotiable instrument. The rules of how they can sell your loan, trade on it, or slice and dice it are few. But to have true ownership to your property, those few rules must be followed. The buyer of a lender’s mortgage must hold it and properly record it so that who you owe and how your property has claims against it is absolutely clear at all times to protect you and your property.
If the lending community goes of an orgy of government encouraged borrowing and trading of their own and fails to honor the legal standards that have been in place for centuries with cute games and schemes, then a good court and good legal procedures will slap them down.
If I go build somewhere and don’t register in the state and don’t make myself liable for taxes but yet cheat and fight with those I do business with in that state, I know the courts will say “who are you”, deny me standing to defend or claim and I am screwed because I didn’t follow time honored rules. Claims of “what’s right is right” should not be the resort of gamesmen.
Hmmmmmmmmmm
I give you credit, you don't excerpt your posts and try to direct traffic to your site to read the rest like a lot of bloggers who bring their stuff here.
Who will write a policy for a "vehicle" that's been stolen, used to injure a bunch of people on a crime spree, then totaled?
Oh, and we mustn't forget the "vehicle" was over-appraised to begin with.
sfl = save for later (reading)
That is exactly my point.
The cost of the hours of investigation that would be required before a title company could write a policy could be $40,000 or more.
This has to be reversed.
>> “The history of this country is replete with great business ethics” <<
.
You are living in the pre-obama world that passed away three years ago, and I can’t forsee its return in my lifetime. The economic damage that has been done to the entire world to put that bag of vomit and his agenda into office is obviously more than you have been able to comprehend.
Start stocking up on storable dry food and tents now and don’t ask why; your education will arrive later.
.
Perfectly said. I agree 100%
Pefectly said. I agree 100% with you.
Thanks. I did at first because I thought that is what was wanted by the group. My blog is just my journal of where I see the economy going and such. I am not doing it for money or anything. I am just glad that others are finding it helpful/interesting.
Makes me feel like I am not alone...and, of course, contributing to the solution side.
oooooh! I looked it up in the urban dictionary and sfl was “stop f’ing lying” or “so f’ing lame” or a coule of others.
Yours is so much better.
Multiple pledged notes...huh...must be a scriveners error (or millions of scriveners errors).
$nip>
“Indeed, it appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies“
Ha Ha! They're not gonna get away with it.
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