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In this case, DBNTC clearly had no standing to bring the motion. Debtors never consented to MERS to act as Nominee under the terms of the DOT. Even if one assumes that MERS had authority to assign IndyMac Bank’s beneficial interest to DBNTC, IndyMac Bank ceased to exist at the time MERS purportedly made an assignment to DBTNC. DBNTC received nothing by virtue of the assignment; the assignment constitutes a fraudulent conveyance.

For the foregoing reasons, Debtors respectfully request the Court to make findings of fact and to deny DBNTC’s second Motion for Relief from the Automatic Stay with prejudice. Debtors further request this Court to award attorney fees incurred by Debtors against DBNTC and its attorney for bringing this frivolous motion.

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Monday, 14 March 2011
Written by Mike Dillon

Note from Richard: Over the past couple of years, in the midst of this financial meltdown fiasco, I’ve made a few friends and among those friends I’m made a few very close friends. I consider Mike Dillon one of those. Here’s his Post:

So, like everyone else, I’ve been curious about this “Anonymous” collective BoA leak for a few days now. Only I’ve been curious for slightly different reasons. Most people wouldn’t have clued in on it when the “pre-leak” mentioned Balboa Insurance because it’s inside baseball. In fact, unless you have been dealing with Mortgage Servicing Fraud, this entire topic might very well be completely foreign to you. To be honest, until I heard Balboa mentioned, I really wasn’t paying much attention either.

But the issues that this leak highlight, it turns out, have been around and, more importantly, have been known about for at least the last decade. Mortgage Servicing Fraud victims have known about force placed insurance issues for forever. Force placed insurance is part of the reason that Mortgage Servicing Fraud is so successful. Force placed insurance, among other things, creates defaults in borrowers’ accounts that would otherwise not exist. In my own case, between myself and the NH Banking Department, we must have supplied proof of homeowners insurance to my servicer, Fairbanks Capital Corp. n/k/a Select Portfolio Servicing, seven times. SEVEN. And yet, it did little good. Even when they attempted to “reverse” the charges it did little good. That is because once the accounting goes sidewards on a mortgage servicer’s books it is, for all intents and purposes, likely to stay that way. The damage is done to the borrower’s account.

ELECTRONIC REAL ESTATE DOCUMENTS- CONTEXT, UNRESOLVED COST-BENEFIT ISSUES AND A RECOMMENDED DECISIONAL PROCESS

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56. Some fear that the strong support will lead to coercion. A recurrent/theme in informal discussions with recording officials and attorneys before, at, and after the conference has been that, if the states do not authorize and implement electronic recording in a timely manner, Fannie Mae and Freddie Mac will impose it on the states. Such an imposition will emerge either through federal legislation that requires recording officials to accept electronic documents for recording, or by the development of a private land records system analogous to the MERS system for recording interests in notes. For more information about the MERS systems, see http://www.mersinc.com/ index1.htm (last visited Oct. 7, 2002). Notwithstanding Fannie Mae’s allusions to the creation of a national registry for electronic notes, Announcement 02-08, supra note 32, Fannie Mae Guide, supra note 26, and the considerable resonance of the theme among recording officials, this author is skeptical of the claim.

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