Posted on 02/14/2011 4:47:02 PM PST by Kartographer
A company that tracks roughly half of all U.S. home loans has no right to transfer mortgages, a ruling that could significantly affect the foreclosure process nationwide, a federal bankruptcy judge concluded.
Merscorp Inc, a private company known as MERS and owned by large banks and mortgage processors, cannot act as an agent of the banks that own mortgages, wrote Judge Robert Grossman of the U.S. bankruptcy court in Central Islip, New York, located on Long Island.
MERS, which stands for Mortgage Electronic Registration Systems, tracks more than 60 million mortgages, and has filed thousands of foreclosure actions on behalf of lenders.
(Excerpt) Read more at reuters.com ...
org.whodat certainly seems to fall into the category of those who claim that there are no problems whatsoever with mortgage document processing with any bank.
Yeah... Kart’s been called everything but a pastrami sandwich over this issue. I’ve witnessed other Freepers calling him a Socialist, accusing him of thinking that everyone should get a free house, and telling him to leave FR.
“bankster” - contraction of “banker” and “gangster” - of which there are many out there.
...because of the bankruptcy.
If he hadn't gone bankrupt, he would still owe the money... it would just be unsecured debt rather than a mortgage secured by the property.
The term ‘banksters’ is in common use at any number of sites such as Minyanville.com, BusinessInsider, Martket-Ticker. What term would you use for people who are committing fraud, perjury and forgery on a scale that would have you or I up on racketeering charges?
"Criminal" works for me.
I prefer Crocodile Gangland to Dancing With the Stars.
I’ve seen the posts, read, and endured a minute portion of the name calling, and it’s been quite more than just a few. Rather than the rule of law prevail, there are some who’ve been so adamant that “deadbeats not get a free house” that the magnitude of the damage done to property law escapes them. Some have chosen to remain ignorant of the grievances even when case incidents, law citations, and court rulings have been presented.
To me - I’d rather see every home be given free and clear and the TBTF banksters insolvent than to see the federal government “have” to step in and over ride states’ laws or make law to cover the crimes in an effort to “straighten the mess out” caused by greedy banksters, because when/if ever they do, States’ will have forever lost their basic property rights.
The federal government is too big already and is failing. With entitlements and interest on current debt choking taxpayers to death while businesses move jobs out of the US because taxes are too high, if America’s “elite” leaders aren’t careful, this financial and economic crisis and then the destruction of law to coddle the elite could be a match in the tender box which finally sets the US on the same pathway of revolt as Tunisia, Egypt, and the other tilting dominoes.
Just say, “NO!”, to bankster amnesty.
Really? and what are the facts, according to you, that Kart has deviated from concerning those banksters?
I think this is going to spread
.
I was not addressing what he deviated from, I was discussing what he had deviated to.
I am not familar with HSBC. Gang, anyone?
Please look up the definition of 'mortgage'.
The friend in question went through a bankruptcy proceeding.
I wasn't questioning that. What I was referring to is that one doesn't repay a mortgage, one repays the note. The mortgage is filed to enable the lender to take action against the house in case of default.
"Paying the mortgage," while not technically precise, is a common colloquial usage for meeting one's financial obligation with regard to a housing purchase. Did you not understand what she meant?
I understood what was meant. My point is that there is so much confusion over these issues, we should be using the correct terms in order to reduce the amount of confusion. There have been MANY posts and MANY news articles that have added to the confusion by saying this and that when they should have been saying that and this.
HSBC has no original notes and the Courts down here (to their credit) are balking
We've also found that none of the mortgage modifications (the few that were done) were ever filed with the county clerk (for the lender to avoid paying the taxes and fees after adjusting the rate, term and amount) and the whole thing is just a mess
I really have no sympathy for these bankers
For the amounts the taxpayer ponied up for TARP they could have paid off every mortgage in the country and then some .... instead they gave our cash to banks who bought up these notes from distressed banks for pennies on the dollar and are trying to windfall through forclosure without the original notes
It's not pretty
.
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