KABOOM | Mortgage Electronic Registration System (MERS) Sued by Delaware Attorney General
MERS Mortgage Registry Sued by Delaware Attorney General
Oct. 27 (Bloomberg) — The Delaware attorney general’s office sued Merscorp Inc., which runs a national mortgage registry used by banks, saying its practices are deceptive and hide information from borrowers.
The MERS database, which tracks ownership interests in mortgages, obscures information from borrowers and impeded their ability to fight foreclosures, Delaware Attorney General Beau Biden said in a complaint filed today.
“MERS engaged and continues to engage in a range of deceptive trade practices that sow confusion among consumers, investors and other stakeholders in the mortgage finance system, damage the integrity of Delaware’s land records, and lead to unlawful foreclosure practices,” Biden said.
MERS tracks servicing rights and ownership interests in mortgage loans on its electronic registry, allowing banks to buy and sell loans without recording transfers with individual counties. MERS acts as the lender’s nominee and remains the mortgagee of record as long as the note promising repayment is owned by a MERS member.
Banks and investors have the true economic interests in the loans, and the ownership of the mortgage notes is purportedly recorded in the MERS registry, to which the public has limited access, according to Biden. Biden said the system is “frequently inaccurate.”
More Here: 4closurefraud.org
WOO HOO! NOW WE ARE TALKING ABOUT SOME GOOD NEWS!
THIS IS HUUUUUUGE!
I have been harping for a longggg time about what would happen if the privately-owned (and doctored) land records inside of MERS suddenly DISAPPEARED. IT WOULD MEAN FREE HOUSES FOR EVERYONE WHO HAS MERS IN THEIR CHAIN OF TITLE.
MERS is now caught in it's OWN trap... It will be FORCED to turn over ALLLLL of it's hocus pocus via subpoena, and in so doing, will expose SO MUCH FRAUD that the banksters will cower in horror under their covers.
SOMEONE will blow up the joint first! AND SO WILL GO MOST OF THE LAND RECORDS IN THIS NATION.
This is EXACTLY WHY you cannot entrust our land records to a PRIVATE COMPANY.
But they thought everything would be JUST FINE.
Keep sending your mortgage payment to some fat cats whom you DON'T OWE A DIME TO.
Wow, great news. I prayed that I would live long enough to see it.
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