New York State of Mind-
On Halloween, the Supreme Court decided that it would not hear an appeal challenging the constitutionality of a Connecticut law which takes direct aim at the MERSCORP model. If you provide mortgages, there is a good chance that you benefit from the efficiencies brought about by the MERS system
Connecticut has a typical mortgage recording framework. Lenders pay the clerk in the locality in which the real property is located for the right to record the mortgage and secure their lien. Traditionally, if that mortgage was sold, a new record would have to be made and additional fees paid.
Starting in the 1990s, MERSCORP changed that model. When a MERS member makes a mortgage loan MERS is recorded as the mortgage holder. When a MERS mortgage or its servicing rights are sold to another MERS member the transfer is electronically recorded in a MERSCORP data base but MERS remains the mortgage holder.
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However let take a Washington Mutual Bank (WaMu) that no longer existed after Sept 25, 2008 and no longer is a member of MERS because the bank died not having possession of the blank Note to be able to petition the court to call a Note due.
So MERS no longer has a member that they represent, fake as if another lender is in the mix and had MERS “Forged” the title and by mail commit “Mail Fraud” to deliver the phony title to the court and illegally foreclose. They have the Fed Gov purchase properties Wells does not own, and payout false insurance claims against the Dept of VA & FHA insurance funds!
$11.44 billion stolen from taxpayers!