U.S. Regulators Examining Departures at Mortgage Electronic Registrations Systems Inc. (MERS)

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U.S. Regulators Examining Departures at Mortgage Electronic Registrations Systems Inc. (MERS)

U.S. Regulators Examining Departures at Mortgage Electronic Registrations Systems Inc. (MERS)

MERS is a shell for the bankstas! It has destroyed 100’s of years of land records. Plain and Simple. How do you cure this defect of fraud?

See my MERS 101 page and do a search of all the cases where judges don’t agree with the assignment and the transfer of the note to what exactly is Mers’ role as either a nominee or a beneficiary?

The banks created this system to hide the fraud.

 

Bloomberg-

As the rest of the housing industry recovers, a little-known firm with a key role in U.S. mortgage finance remains stuck in limbo, wrestling with regulators, lawsuits and the departures of senior employees.

The turbulence feeds uncertainty about the fate of Mortgage Electronic Registrations Systems Inc., or MERS, which documents the ownership and resale of about half of U.S. home loans. A breakdown could force clients such as Fannie Mae (FNMA) and Bank of America Corp. to make costly changes to their loan businesses.

Management hasn’t completed fixes promised in a broad 2011 U.S. settlement designed to stop foreclosure abuses, according to two people briefed on MERS’ operations. Regulators rejected one of the firm’s consultants as unqualified and are examining why four employees hired to help with reforms — including the chief legal officer — recently quit, said the people, speaking on condition of anonymity because the matter is private.

[BLOOMBERG]

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2 Responses to “U.S. Regulators Examining Departures at Mortgage Electronic Registrations Systems Inc. (MERS)”

  1. Patrick Farrell says:

    The truth is right in front of you.New York EPTL Estates Powers and Trust Law art.7, sec 2.4 says no trustee will ever foreclose on a late assignment of a note or mortgage because that would bring in the IRS. The IRS has NEVER in the last several years fined any trust. THEREFORE, the late assignments of mortgage are a fraud AB INITIO done by lawyers and the loan servicers like GMAC. Got it?
    THEREFORE, any “plaintiff” that is a named trust, is void as it is being done by attorneys who got the paper for cents on the dollar.

  2. Charles Reed says:

    MERS is not authorized to do business in the State of Nebraska because they not completed the registration at the Office of the Secretary of State. Statue 76-2710 deal with MERS as part of their Foreclosure Protect Act of 2008.

    MERS as with the Washington Mutual Bank government insured loans (FHA, VA) are in trouble as they created forgeries to administratively foreclose claiming that Wells Fargo owned these loan when in fact they don’t.

    It was the JPMorgan & FDIC deal that hide the fraud over with Wells Fargo and these loans.

    If you notice yesterday that Ginnie Mae President Ted Tozer stop all transferring of BOA loan because the files are missing documents and I am saying that those missing document is an endorse Note of BOA just as it is for Wells Fargo.

    Your got this $1.4 trillion Ginnie Mae MBS that a Ponzi because the program was created with a flaw and that was these loans are not secured and cannot be used as the underlying collateral for the MBS. When Ginnie Mae requires the blank endorsed Notes to be relinquished to them without there being a purchase of the debt, you separate forever the Notes, Debts & Titles and a Note is not a Note without it contain a debt as that is all a Note is used for.

    These clown should be toast!

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