Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 11 (11 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   3 comments, 2 series
OpEdNews Op Eds

ForeclosureGate Deal - The Mandatory Cover Up

By   Follow Me on Twitter     Message Michael Collins     Permalink
      (Page 4 of 4 pages) Become a premium member to see this article and all articles as one long page.
Related Topic(s): ; ; ; ; ; ; , Add Tags Add to My Group(s)

Must Read 3   Well Said 2   News 2  
View Ratings | Rate It Headlined to H1 4/13/11

Author 3863
Become a Fan
  (124 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.


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

Next Page  1  |  2  |  3  |  4


- Advertisement -

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

Researcher, writer DC Area Attack on Syria - Struggle for Turkey - Attack on Libya - The Money Party = Survival - End Times - Obama Administration - Politics and Policy - Election fraud - Pennsylvania Sexual Abuse Scandal - (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

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