Utah HB457 | Bill Aims to Plug Gaps in Utah Property Records Caused by MERS

Bill aims to plug gaps in Utah property records

A bill before the Utah Legislature aims to fix holes in public property transaction records that were altered by mortgage bankers in the run-up of the real estate bubble and its subsequent burst.

The measure, proposed by Rep. Susan Duckworth, D-Magna, would require that any transaction affecting ownership interest in a property be recorded with counties within 10 days.

HB457 takes aim at the Mortgage Electronic Registration Systems Inc., a company created in the mid-’90s by the Mortgage Bankers Association to serve as a database to record the ownership of mortgage notes. The latter were resold a number of times before being packaged and marketed to investors. The bankers used their system to avoid fees to record changes in mortgage ownership, as had been done for hundreds of years.

MERS, in practice, replaced the traditional method of recording a change of ownership of a mortgage with a county recorder’s office. On most transactions, only MERS is listed as the mortgage note holder or agent of the holder at recorders’ offices. With the real estate meltdown that began in 2007 and the subsequent flood of foreclosures, the gap in public records has led to a legal challenges of foreclosures and questions about title ownership.

“What we’re trying to do is require entities to record with the county recorder’s office anytime the property or real estate is sold so we know who is actually holding it and where they are located,” Duckworth said Friday.

Check out the rest here…

Bill text below…

Bill Status
Last Action: 18 February 2011, House/ received bill with fiscal note from Print
Last Location: House Rules Committee
Bill Status

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4closureFraud.org

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H.B. 457 Recording of Transactions Affecting Real Property by County Recorder

Comments
5 Responses to “Utah HB457 | Bill Aims to Plug Gaps in Utah Property Records Caused by MERS”
  1. Ali says:

    How is it that the banksters are allowed to record ANYTHING without proving the facts, they need to enforce the laws that are already in effect by legislation. If anyone pulled this kind of crap they’d be prosecuted and probably held indefinately without being charged. On another note note, after all the forecloseure fraud going on Fox Buisiness news saw fit to report on the the guy who was 80 cents short on his loan mod payment and was immediately forced into foreclosecure by Bank of America. Duh, if they would do that then why not report on all the foreclosesure fraud that has been going on. I just can’t believe they choose that to report on that when there is just so much more that should be brought to the American people’s attention.
    Ali

  2. l vent says:

    The U.N. is holding America hostage. The U.S. Government has committed acts of treason against the American people and the U.S CONSTITUTION protects us against a tyrannical Government which commits acts of TREASON against it’s own Country and it’s people. They all need to be forced to pay back all of the stolen wealth and then thrown into Guantanamo and await sentencing by the American people.

  3. [Begin underline]There are two ways to go, on this:[End underline]

    1. LAWS WERE CREATED, to allow fraudulent recording—Everyone who created, supported, or voted, for these laws, is guilty of fraud, and needs to be prosecuted.

    2. Laws were NOT created, to allow perpetration of these frauds. In this case, every bankster involved is culpable and guilty. If there is an honest bankster—after all, there COULD be a snowball in Hell, and we just do not know of it—then the recording record will reveal that information.

  4. david black says:

    what federal law or state laws replaced the 140 year old property recording system in this country.

    what years was it passed and under whose administration.

    why aren’t we demanding that those laws be repealed and that MERS is put ouf of busines and the banks have to pay all the fees back to the creation of mers to the counties for all the properties they have screwed up and put chase’s owneship of mers into receivership and shut the company down and their computers that run it in texas down too.

    david b.

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