* [new] Re: Economy and Finance (4.00 / 5) Ellen Brown: Landmark Decision Promises Massive Relief for Homeowners and Trouble for Banks A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose -- on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose -- on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.
Frank Delaney ~ Ireland
Eventually someone acting on behalf of some lender is going to start researching the Wall Street Mortgage Chop Shops. It should have been done years ago
The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds.
In the '70-71 downturn in L.A. a kid I was employing at minimum wage to help wire a console and studio in Hollywood managed to con his parents out of $4,000 for a down on a $40,000 house at the top of a canyon overlooking the SFV, with a view! The seller, probably an agent for an estate, self financed the loan. The house had a state park above, between it and the Mullholland Hwy. and had a glass enclosed atrium with a statue of The Buddha recumbent and displaying a mudra that was reputed to have stopped a charging elephant. The neighbor across the street was Gene Cerwinski, founder of Cerwin Vega. Very nice place!
The kid and his girlfriend lived in the house for a year or more without making another payment! It took owners that had all their paperwork in order that long to get him out. So, best of luck to all of the new "homeowners" out there.
I consider that mortgage holders who do this are, in many ways, being patriotic! After all, the bought and paid for US Government and Congress will not do anything about the current situation other than try to prop up the vampires. If we are ever to see an end to years of walking dead banks and other financial institutions and the dominance they hold over US society, this might be the best hope. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
goes to....
ARGeezer~! Wow; that's a surprise. Sven, next year...what a great competition this has been. Never underestimate their intelligence, always underestimate their knowledge.
