Posted on 10/13/2010 4:30:20 PM PDT by Kartographer
It is the company created and owned by all of the big banks to process title to property in the U.S. Approximately 60% of the nation’s residential mortgages are recorded in the name of MERS.
MERS is a shell corporation with no employees, but thousands of officers.
As the treasurer and secretary of MERS admitted in a deposition:
Q Does MERS have any salaried employees? A No. Q Does MERS have any employees? A Did they ever have any? I couldn’t hear you. Q Does MERS have any employees currently? A No. Q In the last five years has MERS had any employees? A No. Q To whom do the officers of MERS report? A The Board of Directors.
(Excerpt) Read more at washingtonsblog.com ...
PING!
With elections looming, now might be a good time to ask your Clerk of Court candidates where they stand on the issue of documentary stamps and recording fees and how they failed to collect them from alleged "lenders".
MERS is like a game of Banker's Baseball. The players are all invisible and you get to run from first base back to home plate and score a Home Run.
Game Over. We Lose
Two Faces: Demystifying the Mortgage Electronic Registration System’s Land Title Theory
This may well be the most interesting post I have ever seen on Free Republic. I’ve sent the link to several people I know in the real estate business, attorneys in the real estate business and a buddy that builds title insurance plants. I’m interested on their take on this information.
I would like very much to hear their take.
Excellent link you gave there. It details MERS nicely. Basically, MERS is an invalid corporation and can block rather than help banks make claim on mortgages.
bookmark.
I would really appreciate an opinion from one of your friends about all of this, and what it really means, and what it implies for the future. How do they see this being resolved? How bad is this going to be for the banking industry, and the housing market on the other side of this roadblock?
Thanks!
please add me to that list.
inquiring minds want to know!
this is why I think the courts and judges specifically are complicit in the fraud. How many judges are pension or stock invested in banks who participate in MERS.
There are appellate courts that have held MERS actually has standing!!!
Quote "I see no widespread problem here."
While not lounging at the golf course or slamming down her gavel she's amassed quite a portfolio.
$nip>
Judge Sasser owns 11,947 shares of MCLOX, BlackRock Global Allocation C, valued at $206,332.13, which includes in its top 25 holdings: J.P. Morgan Chase & Co. and Wells Fargo Company. She also owns 5000 shares of BlackRock High Income Shares (HIS.N), valued at $10,550.00. Launched by BlackRock, Inc., this fund is managed by BlackRock Advisors, LLC and BlackRock Financial Management, Inc.
BlackRock, Inc. is heavily involved in the management of so-called toxic mortgages, having been contracted to manage the Maiden Lane holdings that the Federal Reserve took over from Bear Stearns and American International Group, Inc. “The Fed’s vehicle known as Maiden Lane LLC has securities backed by mortgages from lenders including Washington Mutual Inc. and Countrywide Financial Corp. “The U.S. government is relying on money-management firms such as BlackRock to help manage and dispose of devalued assets after the collapse of the subprime mortgage market in 2007…”
Accordingly, in investing over $216,000 through the BlackRock funds, Judge Sasser is conducting business with a company that thrives on the management and disposal of assets backed by sub-prime mortgages, many of which are in foreclosure, and some of which may be at issue in Judge Sasser’s Division.
$nip>
If she's a Rocket my guess it would be a SCUD.
More grimy details in the link...
ping
So I wonder where the burn the ‘dead beats’ at the stake crowd are tonight? I guess they finally realize we are all in the same boat or maybe they decided they want to see the rule of law prevail? Naaaa... Most likely bowling league night. ;-)
Indeed, as a prominent economist said recently: "At the root of the crisis we find the largest financial swindle in world history", where "counterfeit" mortgages were "laundered" by the banks.
Once again I return to our original conversation about storefront mortgage brokers and drug money.
It shows me that the corruption has infected our civic governing system from top to bottom. The fact that the recording fees have never been collected spits on the civic governing system. I am certain many analysts have noticed this corruption before now.
A few good cites will set the table for those willing to dig into what's really not that hard to understand...
In the mid-1990s mortgage bankers decided they did not want to pay recording fees for assigning mortgages anymore. This decision was driven by securitization—a process of pooling many mortgages into a trust and selling income from the trust to investors on Wall Street. Securitization, also sometimes called structured finance, usually required several successive mortgage assignments to different companies. To avoid paying county recording fees, mortgage bankers formed a plan to create one shell company that would pretend to own all the mortgages in the country—that way, the mortgage bankers would never have to record assignments since the same company would always “own” all the mortgages.
So if that isn’t fraud and racketeering what is?
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