Not so sure this is really up to the MERSCORP and MERS directors to approve this because this involves certain laws and also involving trusts etc…? Exactly how long ago did these loans close? How about the now DEFUNCT lenders?
Since they made up their own Law, they can change the Law when ever they want?
Excerpts from the bulletin..
Changes and clarifications to Rule 8 of the Rules of Membership (“Rules”) have been approved by the MERSCORP and MERS Boards of Directors and are effective as of July 22, 2011.
Effective July 22, 2011:
• No foreclosure proceeding may be initiated, and no Proof of Claim or Motion for Relief from Stay (Legal Proceedings) in a bankruptcy may be filed, in the name of Mortgage Electronic Registration Systems, Inc. (MERS)
• The Certifying Officer must execute the assignment of the Security Instrument from MERS before initiating foreclosure proceedings or filing Legal Proceedings and promptly send the assignment of the Security Instrument for recording in the applicable public land records
[ipaper docId=60825267 access_key=key-2j55h78k4is0m55iy04q height=600 width=600 /]
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
The implementation of this edict from MERS will be interesting: Freddie Mac forces the servicers to keep assignments in MERS. Hilarity will ensue.
So basically MERS is saying, thru the recent latest Rule Changes, that MERS can no longer foreclosures in the name of MERS. Right? Well then, how can they assign something they don’t have? How can an entity be a mortgagee if they, whether self imposed, or otherwise, can’t foreclose?
How does one gain access to the complete MERS Rules of Membership? Can you please publish them online if you have them?
Also, who are the individuals in the Board of Directors?
With how sloppily MERS was conceived, dare I say I expect they also sloppily commingled personal with business transactions, were not adequately insured as a business, did not keep proper corporate formalities…elements that would begin to prove “alter ego theory” to collapse the corporate protections of MERS and MERSCORP protecting the sloppy individuals who created this mess and allow them to be held personally liable?
Enough of this hiding behind the corporate facade. Has any litigant demanded in discovery the names and all MERS corporate documents, proof of business errors and omissions insurance sufficient to offset liability on a nationwide scale like this, to show the courts that thew should not be afforded such corporate protections if they were undercapitalized and not properly maintained?
I have sample Discovery Requests for MERS, if anyone is suing them and can request discovery of their secret internal records to get admissible evidence to use not only in your own court cases but also to get “judicial notice” from your cases to be used for the benfit of future homeowner’s court cases to utilize your admissible evidence. Let’s create a nationwide database of MERS discovery responses and internal records, Rules of Membership, and hold the indiviuals hiding behind the facades PERSONALLY accountable for these liabilities of botched chain of title in the billions nationwide.
Contact Overland LLC (at) gmail if you’d care to trade notes on how to create this evidence database we can start sharing among homeowners.
Thanks.