Posted on 08/18/2018 9:26:18 AM PDT by RideForever
Today, during a deposition of the designated representative of the Bank of New York as Trustee for a Countrywide CWMBS securitization, the representative (who is an attorney and employee of the servicer Shellpoint) admitted under oath that MERS is not the true beneficiary of a Deed of Trust (DOT) despite claiming to do so, as the Beneficiary is the lender and MERS is not and was never the lender. The representative also admitted that the Substitution of Trustee filed by a law Firm and signed by Shellpoint (as a dba of New Penn Financial) contained a false statement that the Note was payable to MERS. The representative further admitted that two letters sent to the homeowner which stated that the loan was owned by a CWALT Trust were also incorrect.
As those of you who follow this website know, the Supreme Courts of Oregon, Washington, and Montana issued opinions that MERS is not the beneficiary of a DOT despite claiming to be so, and the Washington case even permitted MERS to be sued for misrepresenting that it is the beneficiary. Todays testimony is in line with these decisions. As MERS is not the beneficiary, it cannot act as such for purposes of executing Assignments of Deeds of Trust or Substitutions of Trustee in non-judicial foreclosure cases.
The homeowner is represented by Jeff Barnes, Esq. of W.J. Barnes, P.A. Mr. Barnes took the deposition of the representative this afternoon in Nashville, TN.
So is MERS if you get involved with it.
Thanks for the great explanation———a tad hard for me to grasp,but I remember the absolute chaos that it caused.
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I take it that that wordy answer is a long way of saying “zero”.
The original story from years ago referenced the Agard bankruptcy case (something they now try to hide). Problem is, the District Court fairly quickly reversed the bankruptcy judge.
https://www.njchapter7help.com/overturned-agard/
If they hadn't, it would've been the biggest house of cards that ever fell!
It was short way of saying you don’t know what you’re talking about. And no, I have never “reviewed and written legal opinions” about MERS. Sounds like you’ve never done one correctly.
So you go with emotion and name calling rather than law and facts.
Uh, how come then in many foreclosures, nobody can produce the note???
The mortgage is still there, but the actual note, not so much. In a situation like that, I am betting a crooked company would simply hire a bunch of yahoos to produces “Lost Note Affidavits”, with absolutely no knowledge of who holds the note. But that couldn’t ever happen, could it?
And, what about the people who bought insurance on the mortgages, you know in case they became worthless? Didn’t even have to have an “insurable interest”. Could have more than one “policy.”
Sooo, if some home owner gets away with a free house, I say more power to them! The only reason why the chain got screwed up was by people playing games with the mortgages.
How many hundreds of millions of dollars did MERS foreclose on in the past 10 years?
LOL! Are you pounding the table now? LOL!
I already gave the law, and links to sites for those too ignorant to know how do do real legal research.
Yes. This is the biggest problem with MERS. They totally screwed up titles across the country and did NOT properly file paperwork that is necessary to maintain a clear and unambiguous title. This was done to help banks and other entities to save money when they were packaging mortgages into investment packages.
It is not a good idea to screw up clear titles. We haven't yet seen the full implications of what they've done because the government has been working overtime to hide much of the damage.
So how much money are you making off this scam, counselor? I am not ignorant about MERS.
As you can see here a lot of people understand how bad MERS is. Either you are ignorant or you are making money on it. Either way, KMA.
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