NY Federal Reserve Bank Release "A FORECLOSURE CRISIS" Paper on Securitization, MERS, Robo-Signing, Bifurcation

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NY Federal Reserve Release “A FORECLOSURE CRISIS” Paper on Securitization, MERS, Robo-Signing, Bifurcation

NY Federal Reserve Release “A FORECLOSURE CRISIS” Paper on Securitization, MERS, Robo-Signing, Bifurcation

“A Foreclosure Crisis”

written by
Thomas C. Baxter, Federal Reserve Bank of New York;
Stephanie Heller, Federal Reserve Bank of New York;
Frederick Miller, Gray Plant Mooty;
Linda J. Rusch, Gonzaga University School of Law
May 12, 2011

A Foreclosure Crisis

Problems with mortgage foreclosures have been in the headlines during the past several months. The media attention arises from several concerns. One concern relates to whether lending institutions have followed proper foreclosure procedure. Another reflects a popular misconception among many that a mortgage can become separated from the note it secures. Yet another concern arises out of the complexity of some of the structured transactions involving the mortgages.


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Judge Bufford, Judge Ayers, MERS & The UCC Committee

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3 Responses to “NY Federal Reserve Release “A FORECLOSURE CRISIS” Paper on Securitization, MERS, Robo-Signing, Bifurcation”

  1. angry & NOT TAKING IT! says:

    fraud is fraud is a crime…you want a law to indicate degrees of fraud.
    f u k that.. remember this is the fed rsv… die cretin

  2. John R says:

    So OK, they wanna a make new laws…. I can understand that. They’re so implicit in all this fraud, forgery and deception they have to make some attempt to appear to be doing something to justify the ridiculously extravagant salaries and bonuses they’re getting/stealing.

    What I can’t understand is how in the name of Hell do they think that we the public are going to accept these news laws when we can’t even get the old ones enforced?

    And how can THEY not understand that unless the laws already broken are upheld, then we the people have no idea of what “lawful” means anymore?

    I mean, we’re seeing MASSIVE fraud, fraud on the court, forged documents, slanderous & libelous actions against innocent borrowers and now even retribution against a borrowers “not included in any contract” relatives!

    So if that’s all legal… this isn’t the old idea of public guillotines legal too?

    “Programs!!! … Programs!!! … can’t tell one head from the other without a Programs! … Programs!!!”

    Hey, at least it’d be a job!

  3. izziets says:

    I love it, because the servicers and too big to fails common practice is to break the law, the law needs to be “updated” to reflect modern practice. This should work real well. I also love how they talk about MERS as though it were actually a legitimate substitute for our county recording offices. I suppose me and my neighbors can just decide one day that we’re going to keep track of our deeds on the corner guys laptop rather than paying a recording fee. I’m sure the courts will defer to our “common practice” after a few years.

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