Mortgage Registry MERS Sued by Delaware Attorney General

[Roland99]

Source: Bloomberg BusinessWeek

Merscorp Inc., the operator of a national mortgage registry used by banks, was sued by Delaware’s attorney general for allegedly using deceptive practices that hide information from borrowers.

The MERS database, which tracks ownership interests in mortgages, impeded the ability of homeowners to fight foreclosures and obscures its data, Delaware Attorney General Beau Biden said in a complaint filed today.

“MERS engaged and continues to engage in a range of deceptive trade practices that sow confusion among consumers, investors and other stakeholders in the mortgage finance system, damage the integrity of Delaware’s land records, and lead to unlawful foreclosure practices,” Biden said.

MERS tracks servicing rights and ownership interests in mortgage loans on its electronic registry, allowing banks to buy and sell loans without recording transfers with individual counties. MERS acts as the lender’s nominee, remaining the mortgagee of record as long as the note promising repayment is owned by a MERS member.

Read more: http://www.businessweek.com/news/2011-10-27/mortgage-registry-mers-sued-by-delaware-attorney-general.html

[alp227]

1. Get ready for conservatives trying to tie Vice Pres. Biden to this,

meanwhile California's AG Kamala Harris also is getting tough on the banks over mortgage fraud.

[rurallib]

2. My hat's off to you, Mr. Biden

Thank you and good speed.

[Demeter]

3. The rest of the AGs Better Pile On Quickly. As Well As Eric Holder

[aquart]

4. Eric the Useless?

Good luck.

[Demeter]

7. Yeah, I Know

You would think they were all looking forward to unemployment, the way they fight for the people.

[ms.smiler]

5. Homeowners with securitized mortgages - prepare to file Quiet Title

actions to clear your property Title.

In addition to Delaware, there is one in Ohio and another in Arkansas. The Ohio Complaint states that MERS broke the chain of Title.

Ohio

http://www.scribd.com/doc/69365481/State-of-Ohio-v-MERS-and-Banks

The Arkansas Complaint explains how MERS has clouded the Title to millions of properties by never lawfully creating any Vice Presidents and Assistant Secretaries with any authority whatsoever to sign MERS documents.

Arkansas

http://www.scribd.com/doc/70282740/Mayme-Brown-v-MERS-Banks-et-al

From the Arkansas Complaint:

19. “Defendants made these characterizations for MERS despite the fact that MERS never had and has no employees, and, instead, purported to act since the inception of MERS, through alleged authorized certifying officers, such as Wilson and other signatories who were never authorized to act by any lawful official act or corporate resolution of MERS or to act in any MERS’ representative capacity whatsoever. Further, such alleged signatories or certifying officers were not and are not authorized by any applicable law to take any action on behalf of MERS with regard to any documents recorded in the State bearing MERS’ name or on MERS’ behalf.”

MERS has broken the chain of Title and clouded the Title to millions of properties.

MERS and the banks have cheated our counties out of billions of dollars in recordation fees as well as broken the chain of Title to millions of properties. They’ve used fraudulent documents to wrongfully foreclosure on millions of homeowners and stolen their properties. Their invalid and fraudulent documents have clouded the Title of millions of properties.

I’ve been researching mortgage & foreclosure fraud for 3 years. I recently filed a Quiet Title suit over a new MERS issue - their invalid and fraudulent documents. 300 such suits were filed in PA & NJ and in 297 of those suits, the mortgage servicers are either voluntarily withdrawing their fraudulent liens or the court will strike them from our land records. My case is among the 1% going to trial and is closest to trial.


Edit for missing "e"

[dixiegrrrrl]

6. How are you handling the mortgage payments during this long period

between filing the suit and the trial?

[ms.smiler]

8. dixiegrrrrl, actually it's not really a long period of time.

It just feels like a long time since I'm so eager to get to trial. I filed the suit at the very end of May. We are presently in Discovery awaiting a hearing to handle the many Objections filed by opposing counsel. I doubt they will produce the 220 or so documents requested by my attorney. It would reveal too much fraud.

My attorney explained my mortgage payments were unnecessary so I ceased making them since I considered them a "shakedown" payment anyway. As I see it, my mortgage servicer is unable to prove they have a valid lien on my property, let alone prove that they own the Note and the loan is in supposed default.

Since a Quiet Title moves so quickly, my servicer doesn't even have time to prepare a fraudulent foreclosure.

[dixiegrrrrl]

9. Hmmmm..I need a good committed attorney here in Alabama.

[Roland99]

10. Is there a timeframe after which things were changed or is it any mortgage, regardless of when?

[ms.smiler]

11. The problems exist with MERS mortgages as well as non-MERS

mortgages that have been securitized - Notes converted into a security on Wall Street that were used to defraud investors.

A securitized mortgage appears the same to a homeowner as a traditional mortgage, but what happened to their Note and the Title to the property is very different. All of the securities fraud over on Wall Street is directly connected to the timely paid mortgages here on Main Street.

I recently explained the scheme here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2171643&mesg_id=2173741

If a homeowner has a MERS mortgage, or a property with MERS documents in the Title history, they have a problem. If a homeowner has a non-MERS mortgage, they will need to check with a professional who can determine if their loan was securitized. Only about 15% of mortgages are legitimate and free of problems resulting from mortgage securitization.

At no time in the history of MERS, and there have been 3 companies named MERS each time, did they ever create Vice Presidents or Assistant Secretaries in accordance with Delaware state law where they are incorporated. So every MERS Assignment of Mortgage, Satisfaction of Mortgage plus Affidavits are invalid and fraudulent.

To the best of my knowledge to date, MERS has not yet legally created any such officers.

There are problems with securitized mortgages beyond this fatal flaw, which can all be settled in a Quiet Title suit. If a homeowner has a securitized mortgage and files suit, a competent attorney can ensure the homeowner leaves the courthouse with a clear Title, the Deed, no mortgage debt plus money damages.


I love fighting banksters. :patriot:

[Kaleko]

14. Kicking so that more eyes can see your posts.

[lidan97m]

13. QUIET TITLE ACTION

I LIVE IN NJ AND HAVE A LOAN SERVICED
BY BANK OF AMERICA. IT WAS ORIGINATED BY AMERICAN HOME
MORTGAGE AND I HAVE A MERS
NUMBER.CAN YOU REFER ME TO A QUIET TITLE
LAWYER IN NJ WHO KNOWS THESE CASES.
THANKS
DAN

[dixiegrrrrl]

16. Dan, we cannot pm you until you have a lot more posts.

What you need to do is bookmark this thread, wait till you have pm privileges, then contact ms. smiler via PM and ask your question of her.

[No Elephants]

15. best wishes. Hoping for success in your lawsuit.

[sarcasmo]

12. Deceptive and Mortgage seem to go hand in hand these days.