Norfolk County MA Register of Deeds William P. O’Donnell Requests Attorney General Coakley To Investigate Lenders, MERS

Categorized | STOP FORECLOSURE FRAUD

Norfolk County MA Register of Deeds William P. O’Donnell Requests Attorney General Coakley To Investigate Lenders, MERS

Norfolk County MA Register of Deeds William P. O’Donnell Requests Attorney General Coakley To Investigate Lenders, MERS

Norfolk County Register of Deeds William P. O’Donnell Requests Support on Behalf of Massachusetts Citizens

Norfolk County Register of Deeds William P. O’Donnell announced today that he has requested Attorney General Martha Coakley to examine the issue of whether the large lending conglomerates have failed to pay the recording fees associated with the sale and assignment of mortgages as mandated by Massachusetts Law.

Register O’Donnell’s request comes on the heels of the recent Massachusetts Supreme Judicial Court’s ruling U.S. Bank v. Ibanez, in which the Commonwealth’s highest court stated that when a holder of a mortgage seeks to exercise its right to foreclose upon a home that mortgage holder must prove that it is the valid owner of the mortgage at the time of foreclosure. The Ibanez case raises multiple issues concerning the practices of huge lending conglomerates utilizing the Mortgage Electronic Recording System, Inc. or “MERS” to keep track of the numerous and multiple sales and assignments of average homeowners’ mortgages.

Register O’Donnell states that, “Prior to 1995 the sale or assignment of a mortgage was traditionally confirmed by a recording at the Registry of Deeds. The transparency of this practice not only afforded safeguards and protections for homeowners but resulted in revenue to the Commonwealth, the counties, and our local communities.” O’Donnell adds that especially in these tough economic times when, “Local aid is being cut, public safety shortchanged, and drastic adjustments made the revenue loss implication cannot be overstated and warrants inquiry.” Register O’Donnell notes that while local community banks and lenders appeared to have followed long held recording practices the failure of the huge lending conglomerates to follow suit in Norfolk County may have resulted in anywhere from $1.5 to $3.1 million in lost revenue in 2010 alone. “It is a question of fundamental fairness and one to which I will personally support the Attorney General’s efforts at examining,” states O’Donnell.
.

Source: http://www.norfolkdeeds.org
© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8610 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives