Rumormill News
Judge Finds MERS Process Illegal , Has No Right To Transfer Mortgages
Posted By: pax
Date: Monday, 14-Feb-2011 16:31:48
US Bankruptcy Judge Robert Grossman in Central Islip, NY states in his court decision that ”the membership rules of the company’s Mortgage Electronic Registration Systems, or MERS, don’t make it an agent of the banks that own the mortgages..."
“MERS’s theory that it can act as a ‘common agent’ for undisclosed principals is not supported by the law,” Grossman wrote in a Feb. 10 opinion. “MERS did not have authority, as ‘nominee’ or agent, to assign the mortgage absent a showing that it was given specific written directions by its principal.”
“MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process,” Grossman wrote. “The court does not accept the argument that because MERS may be involved with 50 percent 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.
“An adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States,” Grossman wrote. “It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices.”
“Without more, this court finds that MERS’s ‘nominee’ status and the rights bestowed upon MERS within the mortgage itself, are insufficient to empower MERS to effectuate a valid assignment of mortgage,” the judge wrote. “MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best.”
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Watch now for the Banker Lobby to be in the market for both Appellate and Supreme Court Judges.
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Read more here: http://www.zerohedge.com/article/judge-finds-mers-has-no-right-transfer-mortgages
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2 comments:
He'll be lucky if it just gets overturned on appeal. Judges have been shot for this kind of thing. That judge in Arizona ruled against the banks in the "robo-signer" mortgage cases, and he was shot down by a crazed "lone gunman". Wanna bet forensics shows that guy had help, and the bullet that killed the judge came from a different gun?
In GOLDFINGER, Morrie Goldfinger said, after something happened repeatedly: "First it was happenstance, then it became coincidence, but now it's enemy action!"
Thank GOD for judges who are not intimidated by the scum of the earth, and take their position seriously. The day has come for all the lying, cheating, greedy, selfish, self-serving losers that are/were involved with stealing our homes, to pay for what they have done. Members of our families are being "shot down" each minute of the day and night not to mention those that have given their lives fighting for our rights! It's about time the people we have appointed to protect them, do their job!!! Not all of us are Pussys...
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