CA Sues MERS - Qui Tam

[goldie]

<CENTER>JUST IN: WILL THIS BE ONE OF THE LAST SHOES TO DROP?</CENTER>
California is following in the footsteps of Tennessee. Recent Sup. Ct. rulings held that MERS is not the holder in due course (real party in interest) of any property and never was. This can have devastating repercussions for the mortgage industry, not just MERS, because there is no valid chain of title. People who are being foreclosed upon, or have been foreclosed upon, now have an equitable remedy. These people should now be able to win in court and have their mortgage nightmares settled. Some people are able to keep their homes, as banks fear losing far more in class-action suits...

Mortgage Servicing Fraud

http://www.msfraud.org/law/lounge/Ca...rding-Fees.pdf

[Evan Bedard]

Thanks for sharing this Goldie! Very interesting read!

[flippinwacko]

<CENTER>JUST IN: WILL THIS BE ONE OF THE LAST SHOES TO DROP?</CENTER>
California is following in the footsteps of Tennessee. Recent Sup. Ct. rulings held that MERS is not the holder in due course (real party in interest) of any property and never was. This can have devastating repercussions for the mortgage industry, not just MERS, because there is no valid chain of title. People who are being foreclosed upon, or have been foreclosed upon, now have an equitable remedy. These people should now be able to win in court and have their mortgage nightmares settled. Some people are able to keep their homes, as banks fear losing far more in class-action suits...

Mortgage Servicing Fraud

http://www.msfraud.org/law/lounge/Ca...rding-Fees.pdf

This is incredible! Thanks goldie! Hopefully this pans out!

[MERSCORP]

Residential mortgage loans typically consist of two elements: 1) a note between the lender and the borrower that sets forth the terms of the loan and establishes the obligation to repay the loan to purchase a property; and 2) a security instrument which, depending on the state, may be called a “mortgage” or a “deed of trust.” The security instrument is recorded in the county land records, telling the world that there is a lien on the borrower’s property. This lien allows the property to be foreclosed upon and sold if the borrower defaults on her or his obligation to repay the promissory note.

The homebuyer at the closing table signs the security instrument (“mortgage” or “deed of trust”). By signing this document, the lender and the borrower agree to appoint Mortgage Electronic Registration Systems Inc. (MERS) as the mortgagee as nominee for the lender and the lender’s successors and assigns. By doing so, the borrower grants the mortgage lien to the property to MERS, and the security instrument is recorded in the county land records. As long as the sale of note involves a member of MERS, MERS remains the mortgagee of record, and continues to act as a nominee for the new note-holder.

When a borrower signs the mortgage security instrument at closing, they grant and convey the legal title to the mortgage to Mortgage Electronic Registration Systems Inc. (MERS) and MERS is the mortgagee. As the agent for the promissory note owner, upon instructions from the owner, MERS will commence a foreclosure. The mortgage instrument states that MERS has the right to foreclose and sell the property. Courts around the country have repeatedly upheld and recognized this right.

In addition, the City of Los Angeles recently accepted the MERS System as an alternate registry of foreclosed and vacant properties. More information on this new ordinance can be found here:
MERS - Newsroom - Press Release Details

[goldie]

Residential mortgage loans typically consist of two elements: 1) a note between the lender and the borrower that sets forth the terms of the loan and establishes the obligation to repay the loan to purchase a property; and 2) a security instrument which, depending on the state, may be called a “mortgage” or a “deed of trust.” The security instrument is recorded in the county land records, telling the world that there is a lien on the borrower’s property. This lien allows the property to be foreclosed upon and sold if the borrower defaults on her or his obligation to repay the promissory note.

The homebuyer at the closing table signs the security instrument (“mortgage” or “deed of trust”). By signing this document, the lender and the borrower agree to appoint Mortgage Electronic Registration Systems Inc. (MERS) as the mortgagee as nominee for the lender and the lender’s successors and assigns. By doing so, the borrower grants the mortgage lien to the property to MERS, and the security instrument is recorded in the county land records. As long as the sale of note involves a member of MERS, MERS remains the mortgagee of record, and continues to act as a nominee for the new note-holder.

When a borrower signs the mortgage security instrument at closing, they grant and convey the legal title to the mortgage to Mortgage Electronic Registration Systems Inc. (MERS) and MERS is the mortgagee. As the agent for the promissory note owner, upon instructions from the owner, MERS will commence a foreclosure. The mortgage instrument states that MERS has the right to foreclose and sell the property. Courts around the country have repeatedly upheld and recognized this right.

In addition, the City of Los Angeles recently accepted the MERS System as an alternate registry of foreclosed and vacant properties. More information on this new ordinance can be found here:
MERS - Newsroom - Press Release Details

Give up the double-speak buddy, your company is on its way out. The courts are wising up to your games. I was NEVER explained what MERS was, nor did I even know you were on my mortgage. I certainly did not agree to it and the title officer did not explain it EVER. I did not EVER agree to MERS swindling our local recorder clerk out of rightful fees due. MERS did not save me any money on my title fees - I paid full title fees. I repeat, you and your big bankster buddies are on their way out. Better get used to eating Ramen.

[goldie]

Homeowners

MERS: Myths, Misconceptions, and Realities – A REBUTTAL | Chink in the Armor

62 million homes! Why all the scheming, fraudulent assignments, fake documents, non-existant "employees" (robo-signers) and notaries and collusion with the foreclosure mills? If everything is on the up and up and legal, why ALL of this? Hmmmmmmmmmmmmm?????

[flippinwacko]

EXCELLANT! Does this mean MERS will start recording TRUE securitized loan purchase transfers?

Also, just to clarify, this is an ordinace adopted by the "CITY" of Los Angeles...This will hopefully require the true Trustee to finally start maintaining the abandoned properties, as well as prevent squaters from assuming abandoned properties.

Recordation of Transfer of Loans
For loan purchasers or trustees of securitized loans, the Ordinance contains new requirements for the assignment of recorded security instruments. Within 10 days of the transfer of a loan and/or deed of trust secured by residential real property located in the City, the new beneficiary or trustee must record with the Los Angeles County Recorder’s Office assignment documentation containing the name of the new beneficiary and the mailing address and contact phone number of the party responsible for receiving loan payments. Although assignment documentation reflecting such a transfer would normally be recorded with the county in any event, loan purchasers and loan servicers in particular should be mindful of the new timing and disclosure requirements.