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.”

Rest here…

This is huge…

Complaint will be up as soon as I get it…

~

4closureFraud.org

Comments
11 Responses to “KABOOM | Mortgage Electronic Registration System (MERS) Sued by Delaware Attorney General”
  1. johngault says:

    Any chance you will stop contributing to the misnomer that MERS tracks anything?
    All entries in the computer program / utiltiy which is MERS are done by voluntary entries
    by members with no oversight. Track is a verb denoting action. What action does MERS perform to qualify as “acting” or any verb? Imo what might be more accurately stated is that MERS
    provides its members (and their minions) with a database to make entries of sales of notes
    and servicing rights. I think the misperception is damaging.

  2. kenneth council says:

    Check game:
    Subprime lender cuts a deal with a low credit/low account borrower…
    Subprime lender appoints a tax hiding record washing online data base as beneficiary in case Subprime Lender is (shoot and killed/arrested or otherwise disposed of)…
    Low account borrower gets hit with more than they can account for…
    subprime lender disappears (with carpet bags)…
    gets shot or otherwise is arrested…
    Beneficiary (data base) — takes over property and transfers it to substitute trustee:::why does a beneficiary need a trustee to act for them?) the substitute trustee then sales the property to the (mortgage servicer) …
    and the no account borrower is ordered from the home..
    put out by their very servants…
    is this civil?

  3. Beth A. says:

    Beau is my new favorite AG.

    Then there are the other AG’s sitting around w/their thumbs up their…

  4. lvent says:

    In my fraudclosure case, The plaintiff has joined me, the defendant and claims that MERS the mortgagee, trustee or grantee in the Mortgage…MERS is nominee for AMCORE BANK,N.A. a now failed bank…according to the language in the mortgage…”MERS” is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender’s successors and assigns..MERS is the mortgagee under this Security Instrument…..next page states…..”Lender” is AMCORE Bank, N.A. An attorney did a title search and the last name on title is AMCORE NA, MERS…..? SO AMCORE BANK IS ALSO MERS…? SO THE SERVICER FOR THE FAILED BANK, PHH MORTGAGE IS FRAUDCLOSING ON THEMSELVES? In the second amended complaint PHH has now entered a second ALLONGE….The first ALLONGE is without Recourse to PHH MORTGAGE….SIGNED KAREN CLARK, ASSISTANT VP, AMCORE BANK, NA…..The second ALLONGE says WITHOUT RECOURSE PAY TO THE ORDER OF PHH MORTGAGE, KAREN CLARK, ASSISSTANT VP PHH MORTGAGE…..So they ALL claim to be one entity that is SUING ITSELF…FOR MY HO– USE….NO ASSIGNMENT EVER PUBLICLY RECORDED, NO ASSIGNMENT IN THE FRAUDCLOSURE….THEY OBVIOUSLY DON’T HAVE THE PROPER DOCS TO FRAUDCLOSE….Oh yeah, and it is Fannie Maes attorney network, FISHER AND SHAPIRO who are representing PHH MORTGAGE…WHAT A BUNCH OF SNEAKY LYING DIRTY CROOKS!!! NONE OF THEM LENT ME ANY MONEY…AT ALL…! I want to sue all of them…including the title co. and the Ill Notary….who is also the escrowee for CT&T and a notary for the bank!!!!

    • lvent says:

      Just want to add…AMCORE BANK recorded the mortgage…with no release of mortgage to the previous lender and no assignment to MERS or PHH…..The note is unendorsed..no prima facie evidence of transfer on record as Illinois Mortgage Certificate of Release Act 765ILCS 935, Section 2 requires..Any transfer of the notes must be recorded.within one month after the payment of the debt secured by such mortgage….The recording of a mortgage alone does create a lien….they are screwed unless they can prove they paid the previous lender off and sold the new loan off and got paid….Now, they need receipts…aka a paper trail…

    • lvent says:

      I am going to file a petition to subpoena that notary from CT&T….

    • kenneth council says:

      You just need the documents:::
      people its not simple or easy to get the right documents…
      you have to know what your looking for and why…
      and where to get it…it is very easy to show and prove a MERS case…
      maybe and eight point step. you don’t have to worry about damage –the damage is judicial.
      at some point we will learn to use the fourth amendment again in this country until then…
      its judicial law..basically is the matter just…and it isn’t.
      In a nonjudicial matter there is never a ruling
      —never a finding by a court:::therefore if it is found that filings in a nonjudicial case are false…then the party affected by the false records would have a claim of a least deceptive trade practices.
      and that’s where we have to go with this…we have to Criminalize the Banks —we have to convince the
      Judicial Branch that they are siding with the Biggest Criminals in the world!

  5. housemanrob says:

    MERS IS TRANSPARENT AND THIS SUIT HAS NO MERIT! …Ha, Ha, Ha, Ha. Hee, Hee, Hee!

    • leapfrog says:

      Yeah, lol. You would think Janis would get tired of parroting the same phrase in suit after suit after suit…whatever happened to Karmela? Did she finally go hoarse parroting the same phrase too? Who will be their next spokesperson? Linda Green?

  6. XXXX says:

    Ha ha ahhahah hummm now to find an attorney and/or advocate group to make a mass suit (individual basis one by one in court oh how they would hate that) in GA or nationwide but too many unwilling to step out, would love to see an entity/company/law firm to man or woman up here.
    SUE SUE SUE !!!! ANYBODY Out there????

  7. leapfrog says:

    Good! I want these f****** driven out of existence FOREVER. KABOOM!!!

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