[Theoria]

A.G. SCHNEIDERMAN ANNOUNCES MAJOR LAWSUIT AGAINST NATION’S LARGEST BANKS FOR DECEPTIVE & FRAUDULENT USE OF ELECTRONIC MORTGAGE REGISTRY

Paging Linda Green.

[Theoria]

“The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages. Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law,” said Attorney General Schneiderman. “Our action demonstrates that there is one set of rules for all – no matter how big or powerful the institution may be – and that those rules will be enforced vigorously. Only through real accountability for the illegal and deceptive conduct in the foreclosure crisis will there be justice for New York’s homeowners.”

[Texas Fossil]

Now, the damage control.

What Percentage of home mortgates in the past 10 years were sold or resold through MERS?

How far back does the problem go?

It appears to me that rectifying the defects in ability to transfer clear title must be “fixed” on an individual mortgage basis.

That will be costly. And this will pay a lot of lawyers salaries for years to come.

[Elle Bee]

Florida AG Pam Bondi (Mittens' soon to be health care czar) has com down on the side of the banks ... what a prostitute

.

[Wuli]

I expect the suit will fail, by it’s inability to prove that “result” was determined and driven by “intent” and its inability to prove that will be due to its inability to show that the “results” it is suing to correct were the “most common” results for most mortgages in the system.

Were the mistakes it is suing to correct the intended results of the defendents actions, they would be found as the kind of results for most mortgages in the system - they’re not.

The mistakes that were made ought to be corrected. The NY state treasury does not deserve a big financial windfall for itself due to those mistakes.