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Bank of America Foreclosure Injunction Dissolved by Federal Judge: KCSG Television

Bank of America Foreclosure Injunction Dissolved by Federal Judge: KCSG Television


(Salt Lake City, UT) – Federal Judge Clark Waddoups issued the following court order just before noon Friday.

“The court held a hearing on this matter on June 10, 2010. For the reasons to be explained
in a memorandum decision that the court shall file shortly, the court ORDERS as follows:

Plaintiff’s motions to remand are DENIED;

Plaintiff’s motion to amend the complaint is GRANTED;

Defendants’ motion to vacate the Utah state court’s preliminary injunction order is GRANTED;

Defendants’ motion to expedite the hearing is moot; and consideration of Plaintiff’s motion for partial summary judgment is deferred.

The preliminary injunction of May 22, 2010 issued by the Utah state court is hereby DISSOLVED in its entirety.

John Christian Barlow, attorney for the plaintiff, Peni Cox likely is likely surprised by the court ruling that allows Utah law to be trumped by a nationally charter financial institution that can continue to operate faceless in Utah without registration or offices.

As one state lawmaker told KCSG news, this will only serve to get state lawmakers energized to put an end to homeowners (taxpayers) being victimized by mortgage lenders like the Bank of America who acquired Countrywide Home Loans in a stock deal worth billions and with taxpayer bailout money, he said. Barlow’s arguments fell on deaf ears in federal court allowing ReconTrust Company to continue their foreclosures.

Home owners continue to seek redress through the courts without success against lenders which have bundled the homeowner promissory note with others and sold them as securities through Mortgage Electronic Registration Systems (MERES).

Attorney Barlow was traveling and unavailable for comment to KCSG News as was the plaintiff Peni Cox.

Waddoups Order

[ipaper docId=32914740 access_key=key-1ep6ixrbbhxmzht59w6d height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in bank of america, case, foreclosure, foreclosure fraud, foreclosuresComments (0)

Loan registry raises legal questions: MERS

Loan registry raises legal questions: MERS


Excellent Article on MERS

Loan registry raises legal questions

Foreclosures » Courts, legal scholars question company’s role.

By Tony Semerad

Updated: 04/24/2010 11:18:14 PM MDT

A small real estate data-management company is the focus of a widening legal controversy that could affect millions of U.S. foreclosures, including thousands filed against distressed homeowners in Utah.

The nation’s largest lenders created Mortgage Electronic Registration Systems (MERS), of Reston, Va., in 1994 as a loan registry designed to save millions of dollars on paperwork and recording fees. By registering mortgages with the private computer-tracking system and, in effect, putting loans under MERS’ name, lenders could avoid having to file public documents each time a mortgage was bought and sold.

The arrangement served its purpose well as markets went up. By MERS’s own estimates, it saved mortgage lenders more than $1 billion during a decade, and the efficiencies it brought to mortgage trading played a key role in the growth of mortgage-backed securities and the housing boom.

But with the economic downturn and crush of foreclosures, MERS is now showing up on tens of thousands of foreclosure notices sent to delinquent homeowners, including nearly 3,000 sent in Utah since July 2008, most of them in Salt Lake County.

Here and nationally, the company’s legal status as a party in these actions is increasingly being challenged.

“This is one of the buried, yet-to-emerge bombs in the whole mortgage crisis,” said Christopher Peterson, a University of Utah law professor and author of the first scholarly analysis of MERS and its legal underpinnings, to be published this spring in the University of Cincinnati Law Review . “This has the potential to fundamentally affect the trajectory of our recovery.”

‘A tax evasion broker’ » MERS officials vigorously disagree, but Peterson contends the MERS system has violated a deep-seated principle of American law — transparency in land-ownership transactions — by effectively removing much of that information from the public record. In so doing, Peterson says, MERS also has served as “a tax evasion broker,” denying counties millions of dollars in recording fees — revenue that might otherwise have funded essential public services.

And now, by allowing actual lenders to pursue foreclosures under MERS’ name instead of their own, Peterson says the company is acting as a “foreclosure doppelganger.”

“Throughout history, executioners have always worn masks,” the U. professor writes in his article, Foreclosure, Subprime Mortgage Lending, and the Mortgage Electronic Registration System .

“In the American mortgage lending industry, MERS has become the veiled man wielding the home foreclosure ax.”

continue reading… SLTribune

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in concealment, conspiracy, corruption, foreclosure fraud, MERS, Mortgage Foreclosure FraudComments (2)

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