Monday, April 11, 2011

Home Values Drop for Sixth Consecutive Period, The Shameful Mortgage Paperwork Fiasco

CK Hunter April 11, 2011 at 9:55 am URL: Copyright 2011-3011 Alternative News Forum, All Rights Reserved. I cannot promise you that you won't be infuriated when you watch this clip from CBS "60 Minutes." What has been done to American home owners is criminal beyond description. It is my most urgent desire to see these crooks working in banks, in mortgage brokerages, on Wall Street and in any profession that has contributed to the fleecing of US home owners get theirs in court and spend the rest of their days confined in prison. I was speechless when I watched this video. I never thought that business people in America were able to stoop this low. More and more it appears we no longer have an actual banking and mortgage industry. Instead we have some sort of crime cabal of corrupt mafia men masquerading as Wall Street investment houses, banks and mortgage brokers. If these people are not identified, located, and finally prosecuted then what hope of any kind of justice do we have for any crime commited, whether it's a crime of hidden high finance, or an open heist. A heist is a heist is a heist. And what these people have done to American home owners is an all out heist. My heart really goes out to people who are going through this kind of agony trying to stay in their homes. If we create enough outrage, hopefully the criminal justice system will swing into gear and begin prosecuting these rotten bankers and Wall Street paper pushers who not only devastated the mortgage market with their criminal back room deals, buying and selling mortgages, but then added the final injustice by losing the original mortgage papers and forging copies instead. Share this video with those you know and love. Chase Kyla Hunter

Saturday, April 9, 2011

NY S. Ct. Upholds MERS Standing to Foreclose

New York Supreme Court upholds MERS ability to foreclose
*Ongoing MERS lawsuits may hurt current RMBS;

*MERS to members: Don’t foreclose in our name;
*New Hampshire court latest to uphold MERS right to transfer mortgage;

*Lost in New York, MERS claims victory in Kansas;

*Alabama judge denies securitization trustee standing to foreclose;

Monday, March 14th, 2011, 10:43 am

The Supreme Court of the State of New York ruled in favor of Mortgage Electronic Registration Systems last week, validating the company's ability to foreclose on a mortgage and assign it. Judge Lucindo Suarez found in the case Bank of New York v. Sachar the Bank of New York Mellon has standing to foreclose based on a MERS assignment and the delivery of the note. Suarez said in his ruling the bank showed enough documentation to do so. "Plaintiff has shown that the assignment of the mortgage was not made retroactively," Suarez wrote. "Although the assignment refers only to an assignment of the mortgage, physical delivery of the note is sufficient to transfer the obligation, and plaintiff has established that the note was delivered to it prior to the commencement of this action." Adam Levitin, associate professor of law at Georgetown University, said the case could still go to the Court of Appeals, the top court in the state. "This ruling muddies the waters, but doesn’t really change things," Levitin said. A judge in a lower New York bankruptcy court ruled in February that MERS had no right to transfer the mortgage and thus no right to foreclose on the loan; In the middle of February, MERS told its members not to foreclose on residential mortgages in its name; Consumer attorneys across the country continue to challenge this ability, but victories for MERS continue to emerge. MERS has already won cases in New Hampshire; California; and Kansas However, Virginia legislators are pushing to phase out the company and its role in tracking Ginnie Mae guaranteed mortgages; Email author @ jon DOT