Are you paying on a mortgage? If so you need to read this!Submitted by Ralph Waldo on Mon, 10/11/2010 - 12:48
I have been researching the mortgage industry for some time now. The foreclosure fraud that is currently in the news has brought to light some fantastic revelations that everyone paying a mortgage needs to know about and look into.
1. MERS, which is the acronym for Mortgage Electronic Recording System, is a total fraud and is completly illegal and decoupled from the legal system of recording property transferrs in the local court house as required by law!
2. Look on your mortgage document and see if you are in the MERS system.
3. If so, call or write your mortgage company and tell them you would like verification in writing of:
A. Any title assingments to third parties
B. Verification that your payments are going to the current holder of your note.
C. A "blue ink" copy of your original agreement
After the stammering stops on the other end, I think you will find that mortgages in the MERS system are a complete fraud. Not only do you not know if your payments are going to the correct party, the mortgage company, more than likely, never recorded your title assignment in the local court house. This means they have no legal document to make you pay or to foreclose on your property.
After several weeks of research, I found that the MERS systmem was developed in the late 90's to save the mortgage companies time and recording fees. However, the fraud has been uncovered and now homeowners have the upper hand! Astonishing stuff my friend! Let us know what your find out!
For more detailed information:
“Because of the expense, time and paperwork it would take to record each of the assignments of the thousands of mortgages in each securitization, Wall Street firms decided to just issue blank mortgage assignments all along the channel of transfers, skipping the actual physical recording of the mortgage at the county registry of deeds.
Astonishingly, representatives for the trusts have been foreclosing on homes across the country, evicting the families, then auctioning the homes, without a proper paper trail on the mortgage assignments or proof that they had legal standing. In some cases, the courts have allowed the representatives to foreclose and evict despite their admission that the original mortgage note is lost. (This raises the question as to whether these mortgage notes are really lost or might have been fraudulently used in multiple securitizations, a concern raised by some Wall Street veterans.)
See also The American Banker.
Karl Denniger went so far as to suggest the entire MERS/structured finance industry engages in such systemic illegality as to be guilty of RICO — the Racketeering statute used to bring down drug lords and mafia kingpins. If he is right, and I suspect he is, our Banana Republic status is getting ever closer.