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Mortgage Electronic Registration Systems Loses Legal Shield (you cannot be foreclosed on,maybe)
ritholtz. ^ | September 23rd, 2009, 6:47AM | By Barry Ritholtz

Posted on 09/27/2009 4:32:21 PM PDT by dennisw

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To: dennisw

ping


41 posted on 09/28/2009 5:57:37 PM PDT by Saije
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To: nomorelurker

Interesting...here, ‘beneficiary’ could mean recipient of an item, or it could mean receiving and taking ownership of an item...That is too broad a term on which to base a foreclosure so i would still say the Court would block any foreclosure originated by MERS...Last night several posters mentioned mortgages being split between institutions, so it may be that on the foreclosure before the court, the institutions could not decide who had actual ownership of the loan so they hid behind MERS and tried to railroad it through..Looks like a failure of the respective Corporate Counsels to advise properly before they proceeded...shows somebody dropped the ball somewhere along the decision making line...

Nut think of the ramifications...Last night we defined what MERS does—it merely holds the mortgage documents that are filed electronically...But if there was a real slip-up and the assigning documrns stated that MERS would also assume ownership of Deed or Title of Trust, that is a very serious flaw and could have huge ramifications...what a mess...


42 posted on 09/28/2009 9:27:40 PM PDT by billmor (As another Freeper said- the lines are drawn, choose your side !)
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To: moneywhatmoney

mark


43 posted on 09/28/2009 9:32:04 PM PDT by facedown (Armed in the Heartland)
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To: moneywhatmoney

Hate to burst your bubble but....Every time a bank makes a loan it does create money which goes into the macroeconomic money flow..However each and every bank can loan only up to a certain percentage of it’s assets so it cannot just create money willy nilly...By making that rule years ago, the Fed controlled the rate of expansion of money growth so that it was an orderly process...Alan Greenspan watched that figure very closely so that we would not have a sudden burst of high inflation...

Put the blame where it really belongs—on the sub-prime lenders and on the Derivatives market which brought our financial system to the brink of collapse...Proof of that is the 2 hour span when over $5 Trillion in derivatives were cashed in and it was only a matter of hours before the Fed would run out of hard currency so they wisely shut the window down...There was some evil intent there but i have yet to see where that has been investigated...Since that banking ‘crisis’ benefited O in the WH, why should he want to investigate it...

No need to say the sky is falling when it is not..Some banks are being stressed but the banks that stuck to good lending practices are doing ok...They just need tighter controls on sub-prime lending and on the Derivatives market...

One other thing—the Derivatives market was so big that the total amount tied up in derivatives exceeded the entire GDP of the whole world...It is basically a bet and it is essentially a house of cards...Many people, maybe most have no idea how derivatives work but they were devised by a couple of fellows using very complicated mathemmatical models..They understood them but darned if anybody else did, all the average guy looked at was ROI- Return on Investment....So how much return do you get from Smoke and Mirrors Ltd. ?


44 posted on 09/28/2009 10:06:25 PM PDT by billmor (As another Freeper said- the lines are drawn, choose your side !)
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