Daily Finance | Another Way Banks Make Everyone Pay: The MERS Mortgage Mess

“Note to homeowners hoping their MERS mortgage is a path to a free home: At most, Judge Grossman’s opinion means your debt is unsecured. That is, you still owe the money, but the bank can’t foreclose on you to make you pay.”


Another Way Banks Make Everyone Pay: The MERS Mortgage Mess


Much has already been written about the Mortgage Electronic Registration System — the mortgage industry’s effort to avoid paying local governments hundreds of millions of dollars in fees while facilitating trading in mortgages — and its problematic legal foundation. I refer to the “mortgage industry” — rather than just banks — because Fannie Mae and Freddie Mac played important roles in the creation of MERS. However, in the context of MERS in foreclosures, “banks” is equally appropriate.

As foreclosure-related litigation challenging the MERS business model has progressed around the nation, the banks have won some and lost some, with the decisions hinging on state law. That spotty track record should outrage everyone. The mortgage industry subverted a property-ownership system that had functioned well since before the American Revolution, essentially replacing it with MERS. And whether or not MERS works as intended turns out to be based on accidents of geography.

MERS Is National, But Real Estate Law Is Local

State laws governing how homes are bought and sold vary widely because each modern law is the organic result of hundreds of years of court decisions and laws rooted in a state’s history and culture. Some states have mortgages while others have “deeds of trust,” some have “title theory” and some “lien theory.” Some states require going through the courts to foreclose, while others don’t — and some allow both procedures, but usually use just one. Such variation shouldn’t be surprising: Nothing is more local than land.

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3 Responses to “Daily Finance | Another Way Banks Make Everyone Pay: The MERS Mortgage Mess”
  1. scott says:

    Hey, I’m a disabled vet and would love to be in that situation. I’ve had 1000 monthly heat bills since oct. This place isn’t worth half of what I bought it for 3 years ago. Mrs is my nominee of lender. I also have a trange satisfaction of mortgage from mers not countrywide after bank of america refi my home. Ill take an unsecured debt the day before yesterday. Email me sdillee@gmail.com ohio based. 44216 yes I’m behind. Yes its legit reasons.

  2. Shirley Rickett says:

    in 1933 when FDR addressed the Congress and stated: paraphrased; but can be verified; We have no alternative but to use as collateral for the federal debt ‘THE GOOD FAITH AND CREDIT OF THE AMERICAN PEOPLE” Now what do you suppose that was about??? The future labor and property of the American people was hypothecated as collateral for the FEDERAL debt. With the use of the Birth Certificate Bond and the Social Security 2 tiered bond, they set up trusts and put a unit value on these bonds, so they could create the credit of the American people through the Federal Reserve Bank whose letter matches the letter preceding the RED number on the back of your social security card. The promise was in HJR-192 that all of our DEBTS would be discharged dollar for dollar. HAVE ANY OF YOU HAD YOUR DEBTS DISCHARGED DOLLAR FOR DOLLAR FOR THE BONDAGE THEY PUT US UNDER???? I HIGHLY DOUBT IT. HOWEVER, we did discover through Fidelity.com How to trace those bonds, and sure enough putting the numbers in just so, we were able to find out where we were being bought and sold. HOW DOES THAT GRAB YOU!!!! Now do we believe the good Lord when he tells us “they will make merchandise of you and buy and sell the bodies and souls of men”!!!!. and “My people are brought into bondage for lack of knowledge” Then on top of that we learned by turning the coupon at the bottom of your statement into a money order and using the Federal Reserve Bank, which matches the letter before the red bond number on the back of your social security, which is their routing number 9 digit and then dropping the letter and adding two zeros to the balance of the numbers in RED on the back of your social, that we were able to get titles to three cars within 5 days. Yes the money is our credit generated thru the FED bank that matches your letter in front of the rest of the bond number on the back of your social. Problem was the lenders for those autos realized they were double dipping, and turned this into law suits, BUT NOW YOU KNOW THE MONEY IS NOT CREATED OUT OF THIN AIR, IT IS CREATED FROM OUR BONDS!!!!!

  3. If this the real deal holyfeild fraud , mr william black , would u agree with me , we start the mortgage back over from the date of the fraud . That mean all the people who lost their houses get them back , the insurance company pay off , big time . To the vitim . And we do this thing rite . Like, the law say , on top of that all this fraud , with all,its, ground work , a get a lot of jobs going . Too .what I need to now is what is my insurance policy how much insurance do I have to cover all this fraud . First american tittle ,and the great america transamerica ………. Oh 1 more ? Mr william black , say I bought 10 million worth property from ,southern reo properties , rite , and its stolen property , if the cops take my stuff I just go to my insurance , company and ask for my refund rite ? Tiltle insurance case , but what if I don’t have insurance do I lose all of myu money , and the property go back to owner I bought by a fraud sell .

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