VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS - Dylan Ratigan

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VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS – Dylan Ratigan

VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS – Dylan Ratigan

“Other States Will Follow Suit, Similar Laws”

Delaware Attorney General Beau Biden sued the private national mortgage registry MERS, alleging a slew of deceptive trade practices that prevent homeowners from staving off foreclosure.

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so they decided to privitize it, on their own. and in doing so, they did two things. they avoided millions upon millions of fees, and are able to more nimbly secure ties to mortgage backed securities. but they forgot to keep track of mortgages. and in Delaware, in 72% of the cases we’ve investigated, and this is just the beginning, they’ve literally foreclosed on behalf of the wrong entity. so they exercise the right to foreclosure on an entity, and in one case in Delaware that we have, they foreclosed on behalf of an entity that no longer existed. so that’s how screwed up this has become. they don’t follow their own rules, and that’s why we think they violated the Delaware deceptive trade practices act.

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One Response to “VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS – Dylan Ratigan”

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  1. […] refusal to pay mortgages along with millions of lawsuits for botched foreclosures (The State of Delaware filed suit this week.) could very well be the perfect storm for the next banking crisis, especially if underlying […]


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