Send a Tweet
Most Popular Choices
Share on Facebook 7 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds    H1'ed 4/13/11

ForeclosureGate Deal - The Mandatory Cover Up

By       (Page 4 of 4 pages) Become a premium member to see this article and all articles as one long page. (View How Many People Read This)   3 comments, 2 series
Author 3863
Follow Me on Twitter     Message Michael Collins
Become a Fan
  (120 fans)

The entire enterprise of mortgages issued through MERS ignored the most fundamental legal requirements set out in state law developed over centuries.  The laws for recording real estate sales are in place, in part, to assure the right to property and protect investor interests.  This was no mystery for the banks that created MERS. This was and it is their industry, their business.  Their lawyers surely knew that they were up against the entire canon of common and state law.  The most prominent legal justification was offered by Moody's. Petersen points out that Moody's  offers no legal precedent for the claim that MERS was a legally viable enterprise.  Legal advice justified acts that were clearly outside the law.

MERS recording procedures are in place in sixty million mortgages, at least.  Petersen's analysis focused on the subprime market but the arguments and findings apply to every one of those sixty million mortgages.  They were conceived and executed outside the law.  Any US Department of Justice and the state attorneys general settlements must include the following provisions.

1)  All MERS based mortgages must be declared invalid.

2)  The MERS recording processes must be labeled  a scheme that enabled the big banks to sell disastrous subprime mortgage backed securities.

3)  MERS must also be labeled as a key player that facilitated the real estate bubble causing the purchase of inflated mortgages. .

3)  The MERS system is, therefore, a misrepresentation on its face.  It wasn't created to meet any need in real estate finance.  MERS services operated on the basis of  deliberate misrepresentation.

4)  The big banks and others involved knew this was the case.  They are liable for the harm caused.

5)  All foreclosures conducted by MERS or in MERS name must be declared null and void.

6)  The victims of those foreclosures without legal basis must be restored to the homes they lost.

7)  The homeowners that were victims of MERS foreclosures and evictions should receive adequate compensation through a formula favorable to homeowners.

8)  Every MERS mortgage must be readjusted to a fair market value through the most favorable formula available to homeowners.

Anything short of these remedies rewards the perpetrators at the expense of the victims.

Without these remedies, citizens are fully justified in saying that the legal system is damaged beyond any hope of repair.

END

This article may be reproduced entirely or in part with attribution of authorship and a link to this article.

themoneyparty.org RSS

Next Page  1  |  2  |  3  |  4

 

Must Read 3   Well Said 2   News 2  
Rate It | View Ratings

Michael Collins Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Ukraine President Once Agent for U.S. State Department

Worst President Ever - Barack H. Obama

It's official! You're on your own

Rigged Elections for Romney?

Real Unemployment at 23% - Dampening the Excitement

Humiliation And Death As A Tool Of National Policy

To View Comments or Join the Conversation: