Mers Fraud Has Become Evident To The Judges And Tax Assessors

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It is now widely recognized that MERS facilitated fraud by lenders, servicers, foreclosers and securitizers. Even on the most charitable interpretation it is very difficult to believe that MERS was not fraudulent by design. So much of the story has already been told that we do not need to rehash all of it here. Let me first concisely summarize the two main problems, and then move on to the most recent developments that put the final nails in MERS’s coffin. I’ll conclude with my argument that there really was some “not so intelligent” design behind all of this. But it is coming back to bite the hand that feeds it. The big banks will not survive the monster they created.  According to the company’s Web site, “MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper.” That role has changed in recent years, with MERS taking foreclosure actions on behalf of lenders and servicers nationwide, even becoming embroiled in the robo-signing scandal. MERS is the nominee for roughly half of the 60 million outstanding residential loans in the.U.S

Lenders Can’t Have Their MERS Cake And Eat It Too

11 Headaches for MERS

Here is a list of legal issues relating to MERS with which courts are wrestling or will be likely to confront in the near future. One needs to examine these issues in connection with the affected audience, investor, owner in foreclosure, investor and trustee of a mortgage backed securities trust.

1. 1.       Assignments were made by “officers” of MERS using delegations of authority of no longer existing MERS predecessor corporations.
2. 2.       The MERS Assignment is deficient because it omits an assertion that the assignor is the holder under the MERS registry for the MIN number of the mortgage being assigned and the transfer is being recorded on the MERS registry.
3. 3.       An interest in a mortgage cannot be conveyed by an endorsement of the mortgage note in blank.
4. 4.       The Officers of MERS who are allegedly authorized to sign documents on behalf of MERS are not “officers” of the corporation as the term officer of a corporation is legally defined.
5. 5.       Because MERS is a mere custodian with no legal or beneficial interest in the mortgage note, MERS cannot assign a mortgage note to an assignee.
6. 6.       Because MERS is a mere custodian with no legal or beneficial interest in the mortgage note, the mortgage has been divided from the note rendering the mortgage unenforceable.
7. 7.       MERS holding of the note endorsed in blank as nominee of  a mortgage sold to a mortgage backed securities trust is a violation of REMIC requirements.
8. 8.       MERS holding of the note endorsed in blank as nominee of  a mortgage sold to a mortgage backed securities trust is a violation of warranties and representation contained in the master pooling and servicing agreement and prospectus.
9. 9.       MERS was created to perform a service with an illegal purpose, namely to circumvent the recordation of assignments and payment of recording fees. The issuance of assignments in furtherance of such an illegal purpose is unenforceable.
10. 10.   An assignment of the mortgage note from MERS to the servicer of a note is of either of no legal effect or an illegal conversion of the note.
11.  Since no evidence of MERS’ ownership of the underlying note has been offered, and other courts have concluded that MERS does not own the underlying notes, MERS did not own the underlying note, it could not transfer the beneficial interest to another. Any attempt to transfer the beneficial interest without ownership of the underlying note is void law.

Critically, as noted, the PSA provided that for a MERS mortgage such as this, assignments of mortgages did not have to be prepared or delivered to the buyer of the loans. As is endemic with most securitized mortgages, the participants in the securitization did not deliver and record any assignments documenting such transfers, instead, relying on the internal MERS registration system, which is out of the public records view. Throwing this provision back in the lenders’ faces, the judge basically said “you can’t have your cake and eat it too” — rendering his ruling that the mortgage itself (as opposed to the underlying loan) was never transferred through the securitization system from entity A, B, C, to Deutsche Bank, and that MERS had always held, and never relinquished, “legal title” to the mortgage. Accordingly, the judge held, Deutsche Bank was never the owner of the mortgage in the first place, could not foreclose in its name, and its foreclosure sale was null and void

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.

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