Comments on: Foreclosuregate – JPMorgan Chase and MERS Mortgage Electronic Registration Systems

By: Madeline Rawles

Madeline Rawles — Mon, 19 Sep 2011 20:15:28 +0000

My friend filed for Bankruptcy, and upon checking the local clerk’s office,she found that the entity that she thought was her mortgage holder, had changed beginning with Countrywide, Washington Mutual, MERS, then J.P.Morgan, Chase. She thought that her mortgage holder was Washington Mutual, however she was shock that now Chase states that they are the mortgage holder. What is going on with the entities and is this legal, when the consumer does not know who their mortgage holder is. And is Mers the servicing agent. Strange, if you can explain, please do.

By: filotea

filotea — Tue, 05 Apr 2011 20:17:11 +0000

In the rush of trying to make as much money as possible, in such a short period of time, I think the lenders simply forgot to consult their corporate lawyers! Or they really think they can pull off anyything under their hats!
Many lessons to be learned by everyone in all the sectors involved. There are no short cuts. If it is too good to be true: then be wary. Self interest is tantamount to self destruction. How about the old adage of simply caring for each other’s welfare!
Good luck to all of us. We float and sink together! [At least for most of us].

By: Pat

Pat — Fri, 15 Oct 2010 19:00:13 +0000

Is the dragging of feet with regard loan modifications related to this? Doesn;t the investor need to acknowledge a modification before it can be permanently approved? If no one knows the owner of the note how can they obtain approval?

By: mannfm11

mannfm11 — Fri, 15 Oct 2010 02:13:19 +0000

That is funny, the grantor being signed by a representative of the grantee. I have been looking in the Dallas county records and pulled up a few. Back to back, they were changing trustees. One was signed to change for GMAC, though it was a MERS Deed of Trust, the next signing for MERS. Both were signed by the same woman and notarized by the same person. This was the first one I had seen where the MERS signee hadn’t called themselves a Vice President. I saw another one where they were changing trustees and the signer was one of the new trustees. Just throw the old guy out and put a new one in. Maybe they will let me be trustee, where do I sign?

By: wintermute

wintermute — Thu, 14 Oct 2010 20:42:37 +0000

Fantastic research as always. Well done.

My thoughts. It appears that a major problem with MERS is that it is a faux company. It is really just a computer system masquerading as a company. This is the reason it has no employees. Each of the shareholder banks must provide running costs for the shared computer system which is the essence of MERS.

Computer systems cannot own property. MERS incorporation is a little more than an artifice to make it a legal entity so it can own property. Technically fine, But it is a sham construction which the judiciary should view as such.

By: socialapocalypse

socialapocalypse — Thu, 14 Oct 2010 18:36:01 +0000

OUTSTANDING as always!! LOVE THIS BLOG!