State court ruling deals blow to U.S. bank mortgage system

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State court ruling deals blow to U.S. bank mortgage system

State court ruling deals blow to U.S. bank mortgage system

When MERS’ main shareholders, Fannie and Freddie became part of the government, they should have immediately ceased the MERS partnership with the fraudulent banks.

It’s not too late.

Reuters-

The highest court in the state of Washington recently ruled that a company that has foreclosed on millions of mortgages nationwide can be sued for fraud, a decision that could cause a new round of trouble for the nation’s banks.

The ruling is one of the first to allow consumers to seek damages from Mortgage Electronic Registration Systems, a company set up by the nation’s major banks, if they can prove they were harmed.

Legal experts said last month’s decision from the Washington Supreme Court could become a precedent for courts in other states. The case also endorsed the view of other state courts that MERS does not have the legal authority to foreclose on a home.

“This is a body blow,” said consumer law attorney Ira Rheingold. “Ultimately the MERS business model cannot work and should not work and needs to be changed.”

[REUTERS]

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One Response to “State court ruling deals blow to U.S. bank mortgage system”

  1. Don Day Sr. says:

    I am begining my fight against these guys. Documents include MERS, NationPoint, National City, First Franklin and all involved in First Franklin Mortgage Loan Trust 2006-FF16. Second Mortgage includes Adds Wells Fargo (FFMLT 2006-FFB, both Trusts closed on 30 Nov 2006, in the mix but not notified of any action from them yet. Servicer (Debt collector) has been Bank Of America on both. Have Numerous Documents, including Assignments from Mers to these two trusts dated Feb this year for first and June this year on second (interestingly enough right after they received letters/packets from me) QWRs already served via certified mail on Sep 10. Oh Almost forgot…Both Assignments of Deed of Trust are signed by listed ROBO-SIGNERS. The one on first mortgage, as well as the Notary are employees of BOA at their Simi Valley Facility. The One that signed the second ADOT works for Wells Fargo (that notes purported owner)
    As additional I have discovered doctored/faked information on loan application documents originated by NationPoint. Also received numerous requests and letter from BOA regarding Loan Mod programs that have, I believe 5 different addresses on them (didnt notice as I was sending docs) Also have recorded calls with “Account manager” and another from BOA (this one admits that center A cant see what Center B is doing and vice versa.

    HELP!!!!! Email addy is dondaysr@gmail.com…please reference Lawyer on your reply so I can catch it.

    Thank You

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