Comments on: Waking up to discover the mortgage market was a giant criminal enterprise http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/ [Please go to 'Settings' to change your Tagline] Thu, 02 Feb 2012 06:26:42 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: hmo web » single criminal enterprise http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-2/#comment-10809 hmo web » single criminal enterprise Fri, 19 Nov 2010 20:03:07 +0000 http://trueslant.com/matttaibbi/?p=801#comment-10809 [...] 11.Waking up to discover the mortgage market was a giant criminal It seems that a court has ruled that about half of the mortgage market has been run as a criminal enterprise for years, which would invalidate any potential forelosure proceedings for about, … I would be willing to bet that not a single trust that is researched will have reported to the SEC beyond 18 months from inception. http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/ [...] [...] 11.Waking up to discover the mortgage market was a giant criminal It seems that a court has ruled that about half of the mortgage market has been run as a criminal enterprise for years, which would invalidate any potential forelosure proceedings for about, … I would be willing to bet that not a single trust that is researched will have reported to the SEC beyond 18 months from inception. http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/ [...]

]]> By: That’s Not My Lender: The Saga Continues http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-2/#comment-8434 That’s Not My Lender: The Saga Continues Sat, 27 Mar 2010 21:03:23 +0000 http://trueslant.com/matttaibbi/?p=801#comment-8434 [...] a scary precedent… for not just MERS but other lenders as well. You can read about it in detail here on Matt Taibi’s blog if you’d [...] [...] a scary precedent… for not just MERS but other lenders as well. You can read about it in detail here on Matt Taibi’s blog if you’d [...]

]]> By: Schadenfreude « The Levee http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-2/#comment-8244 Schadenfreude « The Levee Fri, 19 Mar 2010 22:42:17 +0000 http://trueslant.com/matttaibbi/?p=801#comment-8244 [...] Leave a Comment The financial sector fucked up mortgage-backed securities so badly that they screwed themselves out of the proper legal standing to foreclose upon bad [...] [...] Leave a Comment The financial sector fucked up mortgage-backed securities so badly that they screwed themselves out of the proper legal standing to foreclose upon bad [...]

]]> By: vermontt http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-1/#comment-7917 vermontt Wed, 10 Mar 2010 05:51:15 +0000 http://trueslant.com/matttaibbi/?p=801#comment-7917 Matt: MERS is even more disasterous than you thought. The reason MERS can't foreclose is that they fought at the Nebraska state appellate level for the right to have no actionable interest in any mortgage. Not only can they not foreclose, they can't deliver clear title either. Imagine, working your keester off for 30 years only to find out you have bought ... nothing. Over 50MM mortgages affected; that's over $12T. Don't believe? Go to www.chinkinthearmor.net and read the first two stories. A little further down the page is a complete listing of all MERS Member Banks. Quite informative. Understand John Weil @ Bloomburg & Gretchen @ the Times are sniffing pretty hard at this one. Got MERS on your Mortgage? Only way to find out is to go to the recorder's office at the county courthouse. Investigate MERS Matt:

MERS is even more disasterous than you thought. The reason MERS can’t foreclose is that they fought at the Nebraska state appellate level for the right to have no actionable interest in any mortgage. Not only can they not foreclose, they can’t deliver clear title either. Imagine, working your keester off for 30 years only to find out you have bought … nothing. Over 50MM mortgages affected; that’s over $12T.

Don’t believe? Go to http://www.chinkinthearmor.net and read the first two stories. A little further down the page is a complete listing of all MERS Member Banks. Quite informative. Understand John Weil @ Bloomburg & Gretchen @ the Times are sniffing pretty hard at this one.

Got MERS on your Mortgage? Only way to find out is to go to the recorder’s office at the county courthouse.

Investigate MERS

]]> By: robc http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-1/#comment-7613 robc Fri, 26 Feb 2010 04:13:11 +0000 http://trueslant.com/matttaibbi/?p=801#comment-7613 Hi Matt, Excellent article in the latest RS on Goldman Sacs!!! Back in Sept. you talked about MERS and mentioned that in Rolling Stone you would be discussing it further. Did you ever write more on it? I have a huge mortgage and would love to determine if I am one of the 60 million. Any other sources of info you could point me to would be great appreciated. Thank you! Rob Hi Matt,
Excellent article in the latest RS on Goldman Sacs!!!
Back in Sept. you talked about MERS and mentioned that in Rolling Stone you would be discussing it further. Did you ever write more on it? I have a huge mortgage and would love to determine if I am one of the 60 million.
Any other sources of info you could point me to would be great appreciated.
Thank you!
Rob

]]> By: klinca http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-1/#comment-3018 klinca Mon, 05 Oct 2009 10:49:24 +0000 http://trueslant.com/matttaibbi/?p=801#comment-3018 No, whether MERS had been on the first or second mortgage, the court found that it was only a nominee with no financial interest at all in the property itself. For MERS to be able to foreclose, it had to have skin in the game. And it doesn't, and it never will. Someone called it a phone book, or a privatized county clerk's office -- and you'd never expect a county clerk to foreclose. The court also quoted decisions by several other state courts to get to this definition of MERS. One other thing I think is worth noting is that the Daily Kos diarist referred to a FEDERAL law: "Under the United States Fair Debt Collection Practices Act, every foreclosure in the United States is required to file a statement with the foreclosure that states that the entity filing the suit is the note holder." MERS is NEVER the note holder. So all these foreclosures by MERS have to be null or fraudulent, regardless of state, no? That seems to be what this Florida judge is pondering: http://www.doctorhousingbubble.com/mortgage-electronic-registration-systems-mers-a-system-designed-to-create-the-mortgage-back-security-bubble/ "I’m not certain with the satisfaction of mortgages that have been filed on behalf of MERS how good those are and I am not certain how good title to property is that people bought at these foreclosure sales if it turns or becomes established that MERS was indeed not only not the right party but misrepresented by way of their pleadings and affidavits that they held something they didn’t own, so I’m not certain of the consequences but it seems vast." - Florida circuit court Judge Jon Gordon No, whether MERS had been on the first or second mortgage, the court found that it was only a nominee with no financial interest at all in the property itself. For MERS to be able to foreclose, it had to have skin in the game. And it doesn’t, and it never will. Someone called it a phone book, or a privatized county clerk’s office — and you’d never expect a county clerk to foreclose. The court also quoted decisions by several other state courts to get to this definition of MERS.

One other thing I think is worth noting is that the Daily Kos diarist referred to a FEDERAL law: “Under the United States Fair Debt Collection Practices Act, every foreclosure in the United States is required to file a statement with the foreclosure that states that the entity filing the suit is the note holder.” MERS is NEVER the note holder. So all these foreclosures by MERS have to be null or fraudulent, regardless of state, no? That seems to be what this Florida judge is pondering:

http://www.doctorhousingbubble.com/mortgage-electronic-registration-systems-mers-a-system-designed-to-create-the-mortgage-back-security-bubble/

“I’m not certain with the satisfaction of mortgages that have been filed on behalf of MERS how good those are and I am not certain how good title to property is that people bought at these foreclosure sales if it turns or becomes established that MERS was indeed not only not the right party but misrepresented by way of their pleadings and affidavits that they held something they didn’t own, so I’m not certain of the consequences but it seems vast.” – Florida circuit court Judge Jon Gordon

]]> By: Bridget Magnus » The MERS Mess http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-1/#comment-3012 Bridget Magnus » The MERS Mess Sun, 04 Oct 2009 19:04:41 +0000 http://trueslant.com/matttaibbi/?p=801#comment-3012 [...] be difficult for a consortium of 10 companies to file foreclosure, MERS did it for them. And this judge says MERS doesn’t actually have the legal standing to do that. In short, they can’t prove they own the mortgage because they [...] [...] be difficult for a consortium of 10 companies to file foreclosure, MERS did it for them. And this judge says MERS doesn’t actually have the legal standing to do that. In short, they can’t prove they own the mortgage because they [...]

]]> By: billz http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-1/#comment-2931 billz Wed, 30 Sep 2009 18:57:33 +0000 http://trueslant.com/matttaibbi/?p=801#comment-2931 The only problem now is that we have too many judges who don't force the supposed note holder to produce the physical note, even when the homeowner asks for it. The only problem now is that we have too many judges who don’t force the supposed note holder to produce the physical note, even when the homeowner asks for it.

]]> By: Mortgage Electronic Registration Systems (MERS): A System Designed to Create the Mortgage Back Security Bubble. | California Home Sales Solutions http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-1/#comment-2914 Mortgage Electronic Registration Systems (MERS): A System Designed to Create the Mortgage Back Security Bubble. | California Home Sales Solutions Wed, 30 Sep 2009 01:41:05 +0000 http://trueslant.com/matttaibbi/?p=801#comment-2914 [...] from the fact that MERS has its dirty hands on some 60 million mortgages (assuming processed).  Matt Taibbi talked about this [...] [...] from the fact that MERS has its dirty hands on some 60 million mortgages (assuming processed).  Matt Taibbi talked about this [...]

]]> By: klinca http://trueslant.com/matttaibbi/2009/09/22/landmark-decision-massive-relief-for-homeowners-and-trouble-for-the-banks/comment-page-1/#comment-2875 klinca Tue, 29 Sep 2009 09:42:01 +0000 http://trueslant.com/matttaibbi/?p=801#comment-2875 Please tell me you've seen this? http://www.dailykos.com/storyonly/2009/9/23/785445/-How-I-am-beating-the-crap-out-of-Countrywide-MERS- It's not just MERS, it's Countrywide, and this guy makes a compelling case that Countrywide is committing fraud to force foreclosures in court: "Countrywide's lawsuit was filed in the name of Countrywide as loan servicer, and MERS as mortgagee. I thought it strange that some unknown entity (MERS) was in a fight with me. I started doing research. This is what I found (explained in layman's terms). Countrywide had sold the note to a trust that had been set up by the gurus on Wall St. There were 16,000 notes in the trust owned by god knows how many investors. They of course could do this because for the first time in the history of world finance, these 'gurus' had separated the mortgage (collateral) from the note. MERS holds my mortgage which is recorded per law at my county court house. They don't and will never be my, or your, note holder. This separation of the note and mortgage gives Wall St. the ability to 'transfer/sell' my note at a click of a mouse thus circumventing the age old process of recording the transfer in my county court house. This slight of the hand is the fraud that created the entire secondary mortgage market and eventually the trouble we are in today. Countrywide is my loan servicer...which means they are nothing but a bookkeeper and collection agency. The holder of my note was yet to be determined." Yet Countrywide represented itself to the court as the holder of the mortgage. Fraud! This is the moment I've been waiting for -- I just could not figure out how a mortgage could be cut into slivers a hundred ways and then bet on for and against by a hundred more folks -- how ANYONE could be said to hold the mortgage, and how the hell taxpayers are supposed to materialize all that "lost" fantasy money. There's no there there, that emperor has no clothes.... yes? Please tell me you’ve seen this? http://www.dailykos.com/storyonly/2009/9/23/785445/-How-I-am-beating-the-crap-out-of-Countrywide-MERS- It’s not just MERS, it’s Countrywide, and this guy makes a compelling case that Countrywide is committing fraud to force foreclosures in court:

“Countrywide’s lawsuit was filed in the name of Countrywide as loan servicer, and MERS as mortgagee. I thought it strange that some unknown entity (MERS) was in a fight with me. I started doing research. This is what I found (explained in layman’s terms). Countrywide had sold the note to a trust that had been set up by the gurus on Wall St. There were 16,000 notes in the trust owned by god knows how many investors. They of course could do this because for the first time in the history of world finance, these ‘gurus’ had separated the mortgage (collateral) from the note. MERS holds my mortgage which is recorded per law at my county court house. They don’t and will never be my, or your, note holder. This separation of the note and mortgage gives Wall St. the ability to ‘transfer/sell’ my note at a click of a mouse thus circumventing the age old process of recording the transfer in my county court house. This slight of the hand is the fraud that created the entire secondary mortgage market and eventually the trouble we are in today. Countrywide is my loan servicer…which means they are nothing but a bookkeeper and collection agency. The holder of my note was yet to be determined.” Yet Countrywide represented itself to the court as the holder of the mortgage. Fraud!

This is the moment I’ve been waiting for — I just could not figure out how a mortgage could be cut into slivers a hundred ways and then bet on for and against by a hundred more folks — how ANYONE could be said to hold the mortgage, and how the hell taxpayers are supposed to materialize all that “lost” fantasy money. There’s no there there, that emperor has no clothes…. yes?

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