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    MERS HAD NO RIGHT NOR AUTHORITY TO ASSIGN NOR TO FORECLOSE

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    Posts : 188
    Join date : 2011-07-10
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    MERS HAD NO RIGHT NOR AUTHORITY TO ASSIGN NOR TO FORECLOSE Empty MERS HAD NO RIGHT NOR AUTHORITY TO ASSIGN NOR TO FORECLOSE

    Post  Admin Wed Dec 14, 2011 2:22 pm

    MERS HAD NO RIGHT NOR AUTHORITY TO ASSIGN NOR TO FORECLOSE

    MERS HAD NO RIGHT NOR AUTHORITY TO ASSIGN NOR TO FORECLOSE MERS-Foreclosure

    AXJ NEWS
    New York, NY
    12-14-2011

    In landmark decisions the Courts in New York have stated very clearly that MERS is acting unlawfully according to this case study on the following website:

    Source: http://stopforeclosurefraud.com/2011/12/09/nysc-judge-hammers-fremont-mers-pillar-processing-steven-j-baum-pc-u-s-bank-assignment-from-mers-to-plaintiff-is-defective-as-mers-had-no-right-or-authority-to-assign-the-mortgage-or-the-note/

    According to Wiki:

    In re Agard (U.S. Bankruptcy Court, Eastern District of New York.) On February 10, 2011, the U.S. Bankruptcy Court for the Eastern District of New York considered a motion for relief from the bankruptcy stay brought by U.S. Bank as the trustee of a securitization trust. U.S. Bank claimed the right to foreclose on the debtor's mortgage in part because of purported assignment of the mortgage from MERS. The court found itself constrained by the Rooker-Feldman doctrine to give effect to a prior state-court judgment of foreclosure, but went on to consider several arguments MERS advanced about its legal status and authority, noting that it had held off on deciding dozens of additional cases until those matters were clarified. The court found that MERS had no power as an agent to assign the mortgage under its rules, its membership agreement, or the terms of the mortgage itself. The court also found that MERS had no power as the mortgagee of record to assign the mortgage: "MERS's position that that it can be both the mortgagee and an agent of the mortgagee is absurd, at best." The court observed, "MERS and its partners made the decision to create and operate under a business model that was designed large part to avoid the requirements of the traditional mortgage recording process. The Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law." .- WIKI

    These cases bring hope to 60 million American homeowners that have seen their Titles clouded by MERS which, in many cases, has also broken chain of title. With a simple silent title action their dignity can be restored after paying thousands, and even hundreds of thousands of dollars in interest, only to lose their homes in the end to these financial sharks.

    According to MERS on FACEBOOK:https://www.facebook.com/pages/MERS/112655005413516?sk=wiki

    Mortgage Electronic Registration Systems, Inc. (MERS) is a privately held company that operates an electronic registry designed to track servicing rights and ownership of mortgage loans in the United States. MERS in turn is owned by a holding company called MERSCORP, Inc.

    The real estate law and real estate transactions in the US are subject to state regulations and county level recordation requirements, since the time of the establishment of the US as an independent country. That made it quite cumbersome for financial companies to develop a smooth operation of a market based on US mortgages in the early 1980s. Indeed, since every time a financial instrument containing mortgages is sold, every mortgage (deed of trust) and note (obligation to pay the debt) presumably has to be re-recorded in US County courts and recordation fees have to be paid. So, the financial industry eager to trade in Mortgage-backed security needed to find a way around these recordation requirements, and this is how MERS was born to replace public recordation with a private one.

    MERS asserts to be the owner (or the owner's nominee) of the security interest indicated by the mortgages transferred by lenders, investors and their loan servicers in the county land records. MERS maintains that its process eliminates the need to file assignments in the county land records which lowers costs for lenders and consumers by reducing county recording fee expenses resulting from real estate transfers and provides a central source of information and tracking for mortgage loans. MERS' role in facilitating mortgage trading was relatively uncontroversial in its early days a decade ago but continued fallout from the subprime mortgage crisis has put MERS at the center of several legal challenges disputing the company's right to initiate foreclosures. Should these challenges succeed, the US banking industry could face a renewed need for capitalization.

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