P!
It must be bad, if the ABCDEFetc. networkd are discussing it.
Things are going down the toilet at warp speed, November can’t get here soon enough.
Please also cover this case from a few years ago. This issue was out there a long time ago, but very few listened or took heed:
Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks:
Excerpt:
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure.
In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership.
The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.
Eliminating the “Straw Man” Shielding Lenders and Investors from Liability
The development of “electronic” mortgages managed by MERS went hand in hand with the “securitization” of mortgage loans – chopping them into pieces and selling them off to investors. In the heyday of mortgage securitizations, before investors got wise to their risks, lenders would slice up loans, bundle them into “financial products” called “collateralized debt obligations” (CDOs), ostensibly insure them against default by wrapping them in derivatives called “credit default swaps,” and sell them to pension funds, municipal funds, foreign investment funds, and so forth. There were many secured parties, and the pieces kept changing hands; but MERS supposedly kept track of all these changes electronically.
Lets add to he mix of “shortcuts” that MANY of the trusts were never created , the wall street banks just created accounting reports as if the trusts existed.. when you combine that with the fact that trusts are state regulated and in most cases must be registered and pay yearly registration fees (none of which was done) ,, you add another Mt. Everest sized hurdle for the banks (pretending to be the investors) must overcome.
When all is said and done it will turn out that even if you actually paid off your mortgage, you don’t really own your house. The Government does.
On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming America's pre-eminent Marvel Comics supervillain, the CEO used the call to deploy his secret weapon: a pair of giant, nuclear-powered testicles.
http://nymag.com/daily/intel/2010/02/lloyd_blankfein_has_a_secret_w.html
mark
There could be 10's of thousands of people guilty of FRAUD...if not a million or more.
Million of folks who are now paying mortgages may find they don't have clear title.
99% of the rancor is over technicalities.
I have yet to read where any substantial number of these foreclosures came about when the buyers were not in fact in serious default on their mortgage, over extended periods of time.
So, lets all jump up and down with populist angst against the evil banks, and allow some technicalities to force them to NOT foreclosure on people grossly in default and even though “saving them” now, forestalling the foreclosure now, will not improve their ability to prevent the foreclosure in the end.
Forestalling the inevitable over technicalities, when, in general we need the true bottom of the housing market to be arrived at sooner, not later. The longer the inevitable is forestalled, the longer before a healthy housing market can contribute to recovery.
You get a foreclosure notice.You know that you've made the payments,as set out in the original loan documents,as required...to the address you've been given.You have the original loan documents...you have all the various notices and statements you've been sent...and you have the canceled checks.
You take these documents to the courtroom...the judge examines them...and the foreclosure petition is denied.And rightfully so.
But if you *haven't* been keeping up with the payments or have violated some other important part of the agreement then you're out! Period.And if the entity that's foreclosing might not have the authority,or "standing",to do so then let the entity that does take *them* to court.
You don't pay your mortgage....you're out.OUT!
Fascinating. Thanks to all posters. (I’ve been following this story mostly at zerohedge)