8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 1/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 1 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

HOMEAboutLINKSSITE MAPEMAIL A TIPDONATEFORUM

Enter search keywor  

DEPOSITIONSEducation »Foreclosure Laws by State »

LPS 101MERS 101Securitization 101Videos

Categorized | CONTROL FRAUD, ChristopherPeterson, FHA, Freddie Mac, GMAC, Kenneth

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 2/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 2 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Eric Trent, Law Office Of Steven J. Baum, LawOffices Of David J. Stern P.A., MERS, MERSCORP, MORTGAGE ELECTRONICREGISTRATION SYSTEMS INC., 

Moratorium, Mortgage Foreclosure Fraud, NickWooten, R.K. Arnold, RICO, STOPFORECLOSURE FRAUD, Supreme Court, Susan Chana Lask, Trusts, Wall Street, WilliamC. Hultman, affidavits, assignment of mortgage, bifurcate, brian hershkowitz, chain in title, conflict of interest, corruption, countrywide, fannie mae, fdcpa, featured, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, investigation, jeffrey stephan, jpmorganchase, mortgage, notary fraud, note, originator, racketeering, robo signers, securitization, servicers, shapiro & fishman pa, stopforeclosurefraud.com, sub-prime, ucc

NO. THERE’S NO LIFE AT MERS

Posted on22 September 2010. Tags: affidavits, assignmentof mortgage, bifurcate, bill mccollum, brian hershkowitz,Christopher Peterson, cutting edge solutions, depositions,dinsfla blog, fannie mae, farming it out, florida attorneygeneral, foreclosure fraud, foreclosure mills, fraud upon thecourt, Freddie Mac, ginnie mae, GMAC, jeffrey stephan,

law offices of david J. stern plantation florida 33324, lostassignment affidavit, mbs, MERS, mortgage backed

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 3/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 3 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

securities, MORTGAGE ELECTRONIC REGISTRATIONSYSTEMS INC., no. there's no life at mers, R.K. Arnold,robo signers, securitization, shapiro & fishman pa, ucc

NO. THERE’S NO LIFE AT MERS

By Damian “DinSFLA” Figueroa

Mortgage Electronic Registration Systems, Inc (MERS)has a very long history. The beginning stages haveremained a mystery until now.

In 1989, Brian Hershkowitz developed the “Whole LoanBook Entry” concept while serving as a director for the

Mortgage Bankers Association (MBA). In 1990, he firstintroduced this concept to seven different industry group;Document Custodian, Originators, Servicers, Title Insurers,County Recorders, Government Sponsored Enterprises(GSE’s) and Warehouse/Interim Lenders. The receptionwas very positive and it was viewed as a very usefulrecording system to be used for how equity and debt

securities could be identified and managed.

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 4/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 4 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

In 1991, Mr. Hershkowtiz published Farming It Out inMortgage Banking Magazine. His main discussion in thisarticle is primarily about getting the opinion of the expertsin the technology outsourcing service industry. In 1992,

Mr. Hershkowitz published another article called Cutting Edge Solutions in Mortgage Banking Magazine. In thisparticular article he mentions the actual meeting that tookplace at the Mortgage Bankers Association of America(MBA) headquarters with many key players that are knowntoday as some of MERSCORP’s shareholders, such as,Fannie Mae and Freddie Mac. In this meeting they

discussed a “System” that will bring changes in mortgagerecords.

Mr. Hershkowitz went on to become President and COO of LandSafe Credit, a leading settlement service provider thatwas a subsidiary of Countrywide. Mr. Hershkowitz alsospent several years serving Countrywide in the areas of 

strategic planning and executive management.

In 2001, Mr. Hershkowitz became Executive VicePresident at Fidelity National Information Services (FNIS)and President of its mortgage and information servicesdivision. His responsibilities included management of theCompany’s data offerings, including public records

information, credit reporting information, flood hazardcompliance data, real estate tax information and collateralvaluation services. He left FNIS in November of 2006 tobecome Chief Executive Officer of Maximum ValueGroup, a consulting firm focused on providing advice toprivate equity and other market participants in the area of banking and mortgages.

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 5/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 5 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

ENTER THE X-FILES

MERS has evolved into a totally different purpose today.

Mortgage Electronic Registration Systems, Inc. is a whollyowned subsidiary of MERSCORP Inc., located at 1595Spring Hill Rd Ste 310 Vienna, VA 22182.

MERS was founded by the mortgage industry. MERStracks “changes” in the ownership of the beneficial andservicing interests of mortgage loans as they are bought

and sold among MERS members or others.Simultaneously, MERS acts as the “mortgagee” of recordin a “nominee” capacity (a form of agency) for thebeneficial owners of these loans.

To ensure widespread acceptance within the industry,MERS sought to have security instruments modified to

contain MERS as the original mortgagee (MOM) language.MERS began to change decades of business practices afterthe two biggest mortgage funders in the U.S. the FederalHome Loan Mortgage Corporation (Freddie Mac) and theFerderal National Mortgage Association (Fannie Mae)modified their Uniform Security Instruments to includeMOM language. Their approval opened the doors to

incorporate MERS into loans at origination.

Soon after, U.S. government agencies like the VeteransAdministration, Federal Housing administration andGovernment National Mortgage Association (Ginne Mae),and several state housing agencies followed bothFannie/Freddie to approve MERS.

More than 60 percent of all newly-originated mortgages

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 6/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 6 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

are registered in MERS. Its mission is to register everymortgage loan in the United States on the MERS System.Since 1997, more than 65 million home mortgages havebeen assigned a Mortgage Identification Number (MIN)

and have been registered on the MERS System.

The mortgage-backed security (MBS) sector tested theviability of MERS because a substantial number of mortgages are securitized in the secondary market. InFebruary 1999, Lehman Brothers was the first company toinclude MERS registered loans in a MBS.

Moody’s Investor Service issued an independent StructuredFinance special report on MERS and it’s impact of MBStransactions and found that where the securitzer usedMERS, new assignments of mortgages to the trustee of MBS transactions were not necessary.

Since MERS is a privately owned data system and notpublic, all mortgages and assignments must be recorded inorder to perfect a lien. Since they failed to recordassignments when these loans often traded ownershipseveral times before any assignment was created, the legalissue is apparent. MERS has destroyed the public landrecords by breaking the chain of title to millions of homes.

IN MERS CEO’S OWN WORDS

In or around the summer of 1997, MERSCORP Presidentand CEO R.K. Arnold wrote, “Yes, There is life onMERS” Mr. Arnold stated, “Some county recorders haveexpressed concerns that MERS will eliminate their offices

nationwide or destroy the public land records by breakingthe chain of title. As implemented, MERS will not create a

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 7/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 7 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

break in the chain of title, and, because MERS is premisedon an assignment recorded in the public land records,MERS cannot work without county recorders.”

In this same article Mr. Arnold also states “The sheervolume of transfers between servicing companies and theresulting need to record assignments caused a heavy dragon the secondary market. Loan servicing can trade severaltimes before even the first assignment in a chain isrecorded, leaving the public land records clogged withunnecessary assignments. Sometimes these assignments are

recorded in the wrong sequence, clouding title to theproperty”. Mr. Arnold never mentions the fact that themortgage notes have been securitized, thereby becoming“negotiable securities” under the Uniform CommercialCode.

In an interview for The New York Times, Mr. Arnold said,

“that his company had benefited not only banks, but alsomillions of borrowers who could not have obtained loanswithout the money-saving efficiencies MERS brought tothe mortgage trade.”

Mr. Arnold went on to say that, ” far from posing a hurdlefor homeowners, MERS had helped reduce mortgage fraud

and imposed order on a sprawling industry where, in thepast, lenders might have gone out of business and left nocontact information for borrowers seeking assistance.”

“We’re not this big bad animal,” Mr. Arnold said. “Thiscrisis that we’ve had in the mortgage business would havebeen a lot worse without MERS.”

Unfortunately, even a simple search in the Florida Land

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 8/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 8 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Records proves the opposite to be the case. Researchershave easily found affidavits of lost assignments actuallystating, “the said mortgage was assigned to MortgageElectronic Registration Systems, Inc., from “XXXXXXX”,

the original of the said assignment to Mortgage ElectronicRegistration Systems, Inc., was lost, misplaced ordestroyed before same could be placed of record with theFlorida Land Records County Clerk’s office; That,“XXXXXXX”, it’s successors and/or assignee is no longerin business/or do not respond to our request for aduplicate assignment, and therefore, a duplicate

original of said assignment cannot be obtained.”

According to affidavits such as these, not only have theborrowers lost contact with the lenders, but the same is truethat MERS did as well.

On September 25, 2009, Mr. R.K. Arnold was deposed in

Alabama. Mr. Arnold admitted MERS does not have abeneficial interest in any loan, does not loan money anddoes not suffer a default if monies are not paid. OnNovember 11, 2009, William C. Hultman was deposed inAlabama and made the same admissions.

Yet again, researchers have easily located affidavits

recorded in the Florida Land Records stating “That saidDeed of Trust has not been assigned to any other party andthat MORTGAGE ELECTRONIC REGISTRATIONSYSTEMS, Inc. is the current holder and owner of theNote and Deed of Trust in question.”

NO. THERE’S NO LIFE AT MERS

Aside from not recording assignments, Mr. Arnold failed to

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 9/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 9 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

mention that the certifying officers given authority toexecute sensitive loan documents would not be paidemployees of MERS. This raises the critical legal questionas to how one can act as a certified officer and execute any

equitable interest on behalf of any security instrumentswithout being an employee of MERS.

On April 7, 2010, in the Superior Court of New Jersey,MERS Treasurer and Secretary William C. Hultman gavean oral sworn video/telephone deposition in the case of Bank Of New York v. Ukpe.:

Q Do the assistant secretaries — first off, areyou a salaried employee of MERS?A No.

Q Are you a salaried employee of MERS Corp,Inc.?A Yes.

Q Are any of the employees of MERS, Inc.salaried employees?A I don’t understand your question.

Q Does anyone get a paycheck, if they are anemployee of MERS, Inc., do they get apaycheck fromMercer, Inc.?A There is no MERS, Inc.

Q I thought, sir, there’s a company that wasformed January 1, 1999, Mortgage ElectronicRegistrationSystems, Inc. Does it have paid employees?

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 10/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 10 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

A No, it does not.

Q Does it have employees?A No.

Q Does MERS have any employees?A Did they ever have any? I couldn’t hear you.

Q Does MERS have any employees currently?A No.

Q In the last five years has MERS had any

employees?A No.

<SNIP>

Q How many assistant secretaries have youappointed pursuant to the April 9, 1998

resolution; howmany assistant secretaries of MERS have youappointed?A I don’t know that number.

Q Approximately?A I wouldn’t even begin to be able to tell you

right now.

Q Is it in the thousands?A Yes.

Q Have you been doing this all around thecountry in every state in the country?

A Yes.

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 11/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 11 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Q And all these officers I understand areunpaidofficers of MERS?A Yes.

Q And there’s no live person who is anemployeeof MERS that they report to, is that correct,who is an employee?A There are no employees of MERS.

If so, how does anyone have any authority to sign securityinstruments encumbered by any loan documents, if thesecertifying officers are not paid employees and never attendcorporate meetings in the capacity as Vice President,Assistant Secretary, etc. with Mortgage ElectronicRegistration System, Inc..

COURTS FIND ISSUES WITH MERS

Federal and state judges across America are realizing thatthe mortgage industry’s nominee is backfiring.

In Mr. Arnold’s own words, “For these servicingcompanies to perform their duties satisfactorily, the note

and mortgage were bifurcated. The investor or its designeeheld the note and named the servicing company asmortgagee, a structure that became standard.” What hasbecome a satisfactory standard structure for the mortgageindustry has not been found by many courts to be legallysufficient to foreclose upon the property.

Again, MERS only acts as nominee for the mortgagee of record for any mortgage loan registered on the computer

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 12/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 12 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

system MERS maintains, called the MERS System. MERScannot negotiate a security instrument. Therefore, MERScertifying officers cannot have legal standing to assignwhat MERS does not own or hold.

The Supreme Court of New York Nassau County: Bank of New York Mellon V. Juan Mojica Index No:

 26203/09 Justice Thomas A. Adams stated, “Not only has plaintiff failed to establish MERS’ right as a nominee for purposesof recording to assign the mortgage, more importantly, no

effort has been made to establish the authority of MERS, anon-party to the note, to transfer its ownership.”

The Supreme Court of Maine: Mortgage Electronic Registration Systems, Inc. v.

Saunders, No. 09-640, 2010 WL 3168374, (Me. August12, 2010) The Court explains that the only rights conveyed

to MERS in either the Saunders’ mortgage or thecorresponding promissory note are bare legal title to theproperty for the sole purpose of recording the mortgageand the corresponding right to record the mortgage with theRegistry of Deeds. This comports with the limited role of anominee. A nominee is a “person designated to act in placeof another, usu[ally] in a very limited way,” or a “party

who holds bare legal title for the benefit of others or whoreceives and distributes funds for the benefit of others.”Black’s Law Dictionary 1149 (9th ed. 2009).

 In Hawkins, No. BK-S-07-13593-LBR, 2009 WL 901766 The Court found that the deed of trust “attempts to nameMERS as both beneficiary and a nominee” but held that

MERS was not the beneficiary, as it had “no rightswhatsoever to any payments, to any servicing rights, or to

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 13/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 13 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

any of the properties secured by the loans.”

 In Re: Walker, Case No. 10-21656-E-11 – Eastern Districtof CA Bankruptcy court rules MERS has NO actionableinterest in title. “Any attempt to transfer the beneficialinterest of a trust deed without ownership of the underlyingnote is void under California law.” “MERS could not, as amatter of law, have transferred the note to Citibank fromthe original lender, Bayrock Mortgage Corp.” The Court’sruled that MERS and Citibank are not the real parties ininterest.

 In re Vargas, 396 B.R. at 517-19. Judge Bufford foundthat the witness called to testify as to debt and default wasincompetent. All the witness could testify was that he hadlooked at the MERS computerized records. The witnesswas unable to satisfy the requirements of the Federal Rulesof Evidence, particularly Rule 803, as applied to

computerized records in the Ninth Circuit. See id. at 517-20. “The low level employee could really only testify thatthe MERS screen shot he reviewed reflected a default. Thatreally is not much in the way of evidence, and not nearlyenough to get around the hearsay rule.”

FRAUD ON THE COURT

In US Bank v. Harpster the Law Offices Of David J. Sterncommitted fraud on the court by the evidence based on theAssignment of Mortgage that was created and notarized onDecember 5, 2007. However, that purportedcreation/notarization date was facially impossible: thestamp on the notary was dated May 19, 2012. Since Notary

commissions only last four years in Florida (see F .S.

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 14/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 14 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Section 117.01 (l)), the notary stamp used on thisinstrument did not even exist until approximately fivemonths after the purported date on the Assignment.

The Court specifically finds that the purported Assignmentdid not exist at the time of filing of this action; that thepurported Assignment was subsequently created and theexecution date and notarial date were fraudulentlybackdated, in a purposeful, intentional effort to mislead theDefendant and this Court. The Court rejects theAssignment and finds that is not entitled to introduction in

evidence for any purpose. The Court finds that the Plaintiff does not have standing to bring its action.

The Court dismissed this case with prejudice.

In Duval County, Florida another foreclosure case wasdismissed with prejudice for fraud on the court. InJPMorgan V. Pocopanni, the Court found that Fishman &Shapiro representing JPMorgan had actual knowledge at alltimes that the Complaint, the Assignment, and the Motionfor Substitution were all false. The Court found that byclear and convincing evidence WAMU, Chase and Shapiro& Fishman committed fraud on this court.

Both these cases involved Mortgage ElectronicRegistration Systems Inc. assignments.

FRAUD INVESTIGATIONS

Two RICO Class Action lawsuits have commenced againstForeclosure Law Firms and MERSCORP for fabricating

and forging documents that are entered into courts asevidence in order to have standing to foreclose. Unknown

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 15/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 15 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

to judges and the borrowers, they accept these documentsbecause they are executed under perjury of the law. These“tromp l’oeil” actions have finally surfaced and the courtshas taking notice.

The lack of supervision and managing of MERS “Robo-Signers” has led to a national frenzy of fabrication, forgeryand certifying officers wearing multiple corporate hats.Anyone who compares signatures of these certifyingofficers will see a major problem with forgery in hundredsof thousands affidavits and assignments which creates an

enormous dark cloud of title defects to millions of homesacross the US.

On August 10, 2010 Florida attorney general BillMcCollum announced that he is investigating threeforeclosure law firms for allegedly providing fraudulentassignments and affidavits relating in foreclosure cases.

In a deposition taken in December 2009, GMAC employeeJeffrey Stephan said he signed 10,000 affidavits or similardocuments a month without personally verifying who themortgage holder was. That means many foreclosures couldhave taken place based on false documentation and manyhomes may have been unlawfully foreclosed on.

On September 20, 2010, GMAC halted foreclosures in 23different states. Two of the three firms being investigatedby the Florida attorney general, the Law Office of MarshallC. Watson and the Law Offices of David J. Stern PA, haverepresented GMAC in foreclosure proceedings.

This is not limited to only GMAC Mortgage. There aremany hundreds of thousands of these same documents that

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 16/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 16 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

are being created by many foreclosure law firms across thenation.

University of Utah law professor Christopher L. Petersonhas raised the issue that MERS should be regarded as adebt collector. He argues that some of MERS’ methods are just the sort of deceptive practices that ought to beregulated under The Fair Debt Collection Practices Act(FDCPA), 15 U. S. C. §1692(a),(j).

CONCLUSION

Finally in May, 2009, Mr. Arnold said in Mortgage

Technology Magazine, “Every system in the mortgageindustry can switch MERS registry on or off at will,”referencing that both the Obama administration andCongressional leaders are aware of this.

President Obama and Congressional leaders it is time topermanently switch MERS lifeless device off!

Not until MERS became the primary focus for challengesto legal standing in foreclosure courts as reported as thealternative media, have the main stream media and themortgage industry have begun to realize that property

records cross the United States have become totallyunreliable.

It has taken more than a decade for the courts to recognizethat MERS has become a mortgage backfire system leavingclouded titles in over 65 million loans since 1997.

Courts across the nation must comply with the law. Anydocuments submitted to the courts regarding property

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 17/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 17 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

ownership should be assumed to be nothing but smoke in amirror.

No, Mr. Arnold, there’s no life at MERS.

Damian Figueroa, “nominee” of stopforeclosurefraud.com,a blog on Foreclosure Fraud.

© 2010 FORECLOSURE FRAUD | by DinSFLA. Allrights reserved. www.StopForeclosureFraud.com

Your email:Enter email address.

Subscribe   Unsubscribe

"Let's hope we are all wealthy and retiredby the time this house of cards falters."--Internal email, Wall Street, 12/15/06

Please Support SFF work with a $10 donation today! © 2010 FORECLOSURE FRAUD | by DinSFLA. All

rights reserved. www.StopForeclosureFraud.com

ShareThis

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 18/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 18 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Join the forum discussion on this post

3 Responses to “NO. THERE’S NO LIFE ATMERS”

1. lnichols says:09/22/2010 at 10:09 pm

TO: Damian Figueroa

RE: No There is No Life on MERS

Good job on your “No There is No Life on MERS”article!

Will you please provide the source document andURL for your reference on Arnold’s quote: “Forthese servicing companies to perform their dutiessatisfactorily, the note and mortgage were bifurcated.The investor or its designee held the note and namedthe servicing company as mortgagee, a structure thatbecame standard.”

Thanks, Good luck, God Speed,

liese nichols

2. Tom Blanton says:09/23/2010 at 1:25 pm

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 19/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 19 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

“Since MERS is a privately owned data system andnot public, all mortgages and assignments must berecorded in order to perfect a lien. Since they failedto record assignments when these loans often tradedownership several times before any assignment wascreated, the legal issue is apparent. MERS hasdestroyed the public land records by breaking thechain of title to millions of homes.”

MERS is certainly guilty of incompetent practicesand extremely sloppy document preparation. Theyhave created some title problems (which create extrahassles to fix). The trend of having operationscentralized in areas outside the jurisdiction of the realestate, which is now rampant in the mortgageindustry as a whole, has caused problems because of ignorance or local laws and customs. But, MERS has

not “destroyed” public land records or broken thechain of title to homes.

I have been a self-employed real estate title examinerin Virginia for over 2 decades and I have yet to seeor hear anything that would confirm these allegationsregarding MERS. MERS was created to reduce the

number of assignments that had to be recorded and tofacilitate those who securitize mortgage notes.Unfortunately, their model did not comport withevery jurisdiction. Some jurisdictions never requiredassignments to be recorded and relied on affidavits torelease mortgage loans. MERS wants to act as anattorney-in-fact, rather than as an agent (nominee),

for lenders, despite not having a recorded Power of Attorney.

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 20/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 20 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Having an unreleased mortgage does not break thechain of title. It is simply a lien against the property.The noteholder of record may release it. If it isuncertain who the noteholder is, most jurisdictions

have judicial remedies to release the lien. This is notuncommon.

There is no question that navigating land records hasbecome more complex in recent years due tomultiple refinancing of mortgages, assignments,poorly drafted documents, loan closers that neglect to

release prior liens, and incompetent closers, lenders,attorneys, servicers, and title insurers. MERS ishardly the sole source of these problems. Part of theproblem is that home buyers and borrowers wantunreasonably quick turnaround and quick money.

Consumers were better served in the past, before the

consolidation of the industry, when builders builthomes, real estate agents sold homes, lenders mademortgages and held the notes (or sold themindividually – not bundled), attorneys did theclosings, and title companies provided the titleinsurance – all separate entities that were unrelatedon a corporate level.

Today, all of these functions may be handled by aninterlocking conglomerate of subsidiaries and theconsumer has no representation in the transactions.Does anyone expect a closer or attorney working forthe lender to represent a home buyer better than thehome buyer’s personal attorney? The same goes fortitle insurance offered by a subsidiary of a lender or

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 21/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 21 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

builder.

Those enticed by some out-of-town lender’s offers of “no closing costs” should realize there is no suchthing as a free lunch.

If anything, MERS has functioned to delayforeclosures due to their sloppiness. The real blamefor the housing bubble and subsequent burstingshould be placed on the Banksters, Wall StreetHucksters, and government failure to stop the fraudin an industry that is already over-regulated favoringdishonest big business over smaller, local, and morehonest players in the housing industry.

Regulation has led to intense lobbying, regulatorycapture, and the consolidation and centralization of big banks, insurance companies and securities firms – with the politicians in their pocket. Fraud hasalways been illegal, but now it is prosecutedselectively – thanks to the unholy alliance betweengovernment and big business.

If you want to find some real shenanigans, check intothe appraisers that were enticed into valuing$200,000 homes at $400,000 for the benefit of lenders and mortgage bundlers, at the detriment of consumers.

MERS is the least of my worries. While everyone ishysterical about MERS, you can bet that your electedrepresentatives and their Wall Street backers are

concocting some new way to screw you. This is whatthey do and have always done. So much for caring

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 22/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 22 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

politicians protecting you with “regulations”.

Trackbacks/Pingbacks

1.  Links 9/23/10 « naked capitalism says:09/23/2010 at 6:30 am

[...] No. There’s No LIfe at MERS Stop ForeclosureFraud. A good overview piece on MERS. [...]

Leave a Reply

 Name (required)

 Mail (will not be published) (required)

 Website

Submit Comment

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 23/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 23 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

PopularLatestCommentsTags

Subscribe

CLASS ACTION FILED| Figueroa v. LawOffices Of David J. Stern, P.A. and MERSCORP,Inc.

MERS 101

Deutsche Bank National Trust Co. foreclosed,hired a company to "trash out"

CLASS ACTION AMENDED against

MERSCORP to include Shareholders, DJSP

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 24/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 24 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

MISSION: VOID Lender Processing Services"Assignments" (LPS)

Subscribe

Your email:Enter email address.

Subscribe   Unsubscribe

FORECLOSURE FRAUD 101

Categories

Select Category

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 25/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 25 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Calendar

September 2010

M T W T F S S

« Aug

1 2 3 4 5

6 7 8 9 10 11 12

13141516171819

20212223242526

27282930

Popular Posts

NO. THERE'S NO LIFE AT MERSMERS 101CLASS ACTION FILED| Figueroa v. Law Offices

Of David J. Stern, P.A. and MERSCORP, Inc.CALIFORNIA 'QUIET TITLE' VICTORY: PAULNGUYEN V. CHASE et alForumGMAC, MERS & STEVEN J. BAUM PC...THECOURT IS AT LOSS ON A PURPORTED"CORRECTIVE ASSIGNMENT"

BLOOMBERG| GMAC STOPS FORECLOSURESNATIONWIDE IN 23 STATES"CERTIFYING OFFICER" FACING FEDERALAND STATE CRIMINAL CHARGES?Class Action Attorney Susan Chana Lask BustsForeclosure Mill Fraud, She invites employees towhistleblow!FORECLOSURE LAWS by State

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 26/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 26 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

HOMEOWNERS' REBELLION: COULD 62MILLION HOMES BE FORECLOSURE-PROOF?MORTGAGE ASSIGNMENTS AS EVIDENCE OFFRAUD, by Lynn Szymoniak, ESQ.

Judge Bufford, Judge Ayers, MERS & The UCCCommitteeOPEN LETTER TO 'MERS' BOARD OFDIRECTORS From Lynn SzymoniakEMAIL A TIPEXTRA! EXTRA! FLORIDA APPEALS COURTREVERSES IT'S OWN OPINION: RUSCALLEDA

v. HSBC BANK USA No. 3D09-997CONGRESSMAN GRAYSON CALLS ONFLORIDA SUPREME COURT TO HALT ALLFORECLOSURESSTOP FORECLOSURE FRAUD NOW HAS AFORUM!!MUST WATCH: 'MERS' ON FOX NEWS!!!

MERS CALIFORNIA CASE |Rickie Walker CaseCalifornia Mers Bk Ed 2010 |FULL SERIES OFFILINGS FOR CONVENIENCE

Archives

Select Month

Blogroll

4closure FraudAmericans United For JusticeCALIFORNIA FORECLOSURE FRAUD

DJSP Ent., Inc. TALKDr. Housing Bubble

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 27/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Page 27 of 28http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/

Foreclosure HamletForeclosure PetsFraud DigestLawyer That Gets It

LeagleLiving LiesMandelman MattersMatt WeidnerMish's Global Econ.Move Your MoneyMS FRAUD

Mtg. Ripoff ReportNaked CapitalismNATIONAL WAMU HOMEOWNERS SUPPORTGROUPPropublicaReverse Mortgage BlogShame The Banks

The Baseline ScenarioThe Drudge ReportThe Market TickerThe Robbo ReportTruth in Lending

 

8/8/2019 US Unable to Foreclose

http://slidepdf.com/reader/full/us-unable-to-foreclose 28/28

24/09/10 8:46 AMNO. THERE'S NO LIFE AT MERS

Viewers

© 2010 FORECLOSURE FRAUD | by DinSFLA. Powered

by StopForeclosureFraud.

This work is licensed under a Creative CommonsAttribution 3.0 Unported License. In accordance with Title

17 U.S.C. Section 107Disclaimer: The information herein should not be taken as

legal advice and is not a substitute for the assistance of alicensed advisor. I AM NOT AN ATTORNEY.