Posted on 07 August 2010. Tags: alta, asset backed securities, assignment of mortgage, bank of america, boa, deed of trust, fannie mae, FHA, foreclosure, Freddie Mac, insurance, loan origination, mba, MERS, MERSCORP, min number, R.K. Arnold, sec, transparency
Excerpts:
MERS was created in 1995 under the auspices of the Mortgage Bankers Association (MBA), as the mortgage industry’s utility, to streamline the mortgage process by using electronic commerce to eliminate paper. Our Board of Directors and shareholders are comprised of representatives from the MBA, Fannie Mae, Freddie Mac, large and small mortgage companies, the American Land Title Association (ALTA), the CRE Finance Council, title underwriters, and mortgage insurance companies.
Our initial focus was to eliminate the need to prepare and record assignments when trading mortgage loans. Our members make MERS the mortgagee and their nominee on the security instruments they record in the county land records. Then they register their loans on the MERS® System so they can electronically track changes in ownership over the life of the loans. This process eliminates the need to record assignments every time the loans are traded. Over 3000 MERS members have registered more than 65 million loans on the MERS® System, saving the mortgage industry hundreds of millions of dollars in the process. The Federal Housing Administration (FHA) and Veterans Administration (VA) approved MERS for government loans because they recognized the value to consumers. On table-funded loans, MERS eliminates the cost to the consumer of the mortgage assignment ($30 – $150). In addition, the MERS process ensures that lien releases are not delayed by eliminating potential breaks in the chain of title. Similar to the residential product, we also addressed the assignment problem in the commercial market with MERS® Commercial, on which is registered over $110 billion in Commercial Mortgage-Backed Securities (CMBS) loans.
More than 60 percent of existing mortgages have an assigned MIN, making a total of 65,000,000 loans registered since the inception of the system in 1997. The corresponding data for these mortgages is tracked on the MERS® System from origination through sale and until payoff. MERS therefore offers a substantial base of historical data about existing loans that can be harnessed to bring transparency to existing MBS products. Attached are letters from the MBA, FHA, Fannie Mae and Freddie Mac on this point.
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© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com
Posted in bank of america, chain in title, fannie mae, foreclosure, foreclosures, Freddie Mac, mbs, MERS, MERSCORP, Mortgage Bankers Association, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Notary, R.K. Arnold, Real Estate, robo signers, S.E.C., securitization, STOP FORECLOSURE FRAUD, title company, Wall Street
Posted on 07 August 2010. Tags: aig, AIG Financial Products, Barack Obama, Curbing Wall Street, dell, doj, general electric, goldman sachs, Goldman Sachs Fraud, inside trading, Interagency Financial Fraud Task Force, money laudering, obama, sec, The Justice Department, the Securities and Exchange Commission, wall street, wylie brothers, zack carter
Consultant, Writer, Senior Fellow with The Campaign for America’s Future
Posted: August 5, 2010 06:55 PM
The Justice Department and the Securities and Exchange Commission have broad powers to root out and punish financial fraud. The
Interagency Financial Fraud Task Force, formed last November, is an Obama-era innovation that enhances the government’s ability to track down financial criminals. As we look back on the last two years’ revelations about Wall Street misbehavior, then, it seems reasonable to ask the question:
What’s a banker gotta do to get arrested in this town?
We’re not talking about the “show up with your attorney and we’ll work out a settlement” kind of arrest, either. We mean the pull-them-from-the-boardroom, handcuff-wearing, hands-on-the-police-car perp walk sort of arrest. Enforcement actions seem few and far between, and when they do come around the settlement is usually far too small to deter future crime.
Headlines last week announced the arrest of
software entrepreneurs the Wylie Brothers who,
according to the SEC, netted more than $550 million through various forms of securities fraud. General Electric was charged with “bringing good things to life” for some Iraqi officials in the form of
fat bribes. Stories say that Office Depot
may be close to settling with the SEC on a variety of charges. Dell and its senior executives were charged with
failing to disclose material facts to investors. (Write your own “Dude, you’re getting a Dell” joke; I’m too busy.)
But a review of 49 charges brought this year by the SEC shows that the majority of their targets were “ABB” — “anybody but bankers” — and that only eight charges were directly related to the fraud that trashed the economy. Most of those eight charges involved bit players, and penalties for the two major fraudsters involved were so light that they gave would-be malefactors no good reason to change their evil ways.
Here’s a sampling of SEC charges filed this year: A father/son accounting team was charged with
insider trading. Italian and Dutch companies
bribed some Nigerians and a telecommunications company
slipped a mordida or two to Chinese officials. Some Canadians
fraudulently touted penny stocks on Facebook and Twitter. A Florida retirement benefits firm
skimmed some funds. Some guys were busted for an
affinity fraud and Ponzi scheme targeting African American and Caribbean investors in New York City.
The SEC even
charged a psychic with fraud after he claimed he could predict what would happen in the stock market. (Of
course he was a fraud! A
real psychic would’ve known they were investigating him and left town.)
Continue Reading…
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© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com
Posted in bogus, CONTROL FRAUD, corruption, foreclosure fraud, goldman sachs, STOP FORECLOSURE FRAUD, trade secrets, Wall Street
