Its long-anticipated repeal set into motion a conspiracy that included cooperation and participation by major finance corporations in the early 1990s. In 1997, an electronic registry for mortgage loans named Mortgage Electronic Registration System, or MERS for short, was launched and worked its way into the center of the mortgage loan-securitization scheme.
Subsequently, a Federal Bankruptcy Court ruled the MERS business model illegal.
From Huffpo Business: "There have been numerous court rulings against MERS -- including decisions made by state supreme courts. What is significant about the US Bankruptcy Court of New York's ruling is that the judge specifically set out to examine the legality of MERS's business model. As the judge argued in the decision, 'The Court believes this analysis is necessary for the precedential effect it will have on other cases pending before this Court.' In the scathing opinion, Judge Grossman variously labeled MERS's positions as 'stunningly inconsistent' with the facts, 'absurd, at best,' and 'not supported by the law.' The ruling is a complete repudiation of every argument MERS has made about the legality of its procedures."
Though regulations on Wall Street and its financial transactions were greatly relaxed, an equally important set of rules and regulations, known as the Uniform Commercial Code, remained.
From Duke Law: "The Uniform Commercial Code (UCC), a comprehensive code addressing most aspects of commercial law, is generally viewed as one of the most important developments in American law. The UCC text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the National Conference of Commissioners on Uniform State Laws (referred to as the Uniform Law Commissioners), in collaboration with the American Law Institute. The Commissioners are all attorneys, qualified to practice law, including state and federal judges, legislators and law professors from throughout the United States and its territories. These quasi-public organizations meet and decide whether to endorse these drafts or to send them back to the experts for revision. The revision process may result in several different revisions of the original draft. Once a draft is endorsed, the Uniform Law Commissioners recommend that the states adopt these rules.
"The UCC is a model code, so it does not have legal effect in a jurisdiction unless UCC provisions are enacted by the individual state legislatures as statutes. Currently, the UCC (in whole or in part) has been enacted, with some local variation, in all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands."
Why is the Uniform Commercial Code important? Because no matter what shenanigans and shortcuts to quick profit cooked up by the conspirators, whatever documents they devised, and whatever three-ring-circus assignment procedure was used, they still has to adhere to the umbrella of Uniform Commercial Code Section 3 - Negotiable Instruments.
But the Wall Street wiz kids' plan paid too little attention to that pesky Uniform Commercial Code. It's almost as if they felt the law did not exist or would not apply to them. After all, it's common knowledge that the financial regulatory agencies are largely staffed by former Wall Streeters who are still friendly/loyal to their former pals.
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