Comments on: Why Mortgage-Backed Securities Aren’t (Backed by Securities): How MERS Toasted the Banks

By: James McGuire

James McGuire — Tue, 04 Jan 2011 00:19:23 +0000

Richard F Kessler

I know for fact that there were a few grammar mistakes in Wray’s article but those resulted from lack of time and the message was needed to be known to the world.

As for recording not be required, oops, Texas Local Government Code 192.007 “must record” to cite the statute, that takes care of Texas.

The document that Wray pointed to, and I thank him, is without error.

By: fighting mad, mad as hell

fighting mad, mad as hell — Tue, 04 Jan 2011 00:08:54 +0000

Richard, I’m assuming that you are an expert in all 50 states and the territories on property law and what every county in these 50 states and territories require?
Because if you’re not, then you look pretty bad when a state like mine DOES REQUIRE RECORDING. It’s to maintain the chain of title, ya know.
And it makes money for the counties, which by the way, should be screaming bloody murder about the billions in lost filing fees over the last 15-20 years!
By the way, in my county oddly enough, ever since the “demand the note” began, MERS and quite a few others HAVE been doing a lot of recording. They even go back in time and record sales that are nearly 10 yrs old.
Wonder why?
It’s confusing enough, it’s easy to get burned out trying to get all this right and in order.
Please try to help, not confuse, we are 50 sovereign nations united into one, each with its own laws and ways of doing things. I can only tell you about the states I’ve lived in or done real estate law in.
We need to be united not picking at each other.

By: Richard F. Kessler

Richard F. Kessler — Mon, 03 Jan 2011 19:56:59 +0000

DDr. Wray, please stick to economics and stop practicing law.
I first began identifying foreclosure problems more than three years ago and have been researching the relationship of foreclosure, securitization and legal requirements during that period. Today many others have become aware of these problems and have written about the subject and helped craft legal defenses to foreclosure and proposals for reform.
As part of this effort, it is counterproductive to have scholars, such as yourself, write about legal requirements incorrectly. You wrote:
” This practice is in violation of numerous laws. Property law requires filing sales in the public record. Notes must be affixed (permanently) to the security instrument — a mortgage without the note has been ruled a “nullity” by the Supreme Court. MERS’s recommended business practice (with the servicer retaining the note) would make the mortgages a “nullity”. A complete chain of title is required to foreclose on property — every sale of a mortgage must be endorsed over to the purchaser, and properly recorded. Without this, it is illegal to foreclose on property — no matter how many payments the homeowner has missed.”
No property law requires recordation in the land records of a deed or a mortgage. One would be a fool not to obtain the legal protections obtainable through recordation but the failure to record such documents is not against the law. A “mortgage” is a legal arrangement which requires two documents to be executed. The first is a note which spells out repayment obligations and the second is a security agreement pledging real property as collateral known as the mortgage or deed of trust. No mortgage can be enforced by one document without the other. However, the note never needs to be attached to the mortgage. Typically, the mortgage but not the note is recorded. Accordingly, the two documents are separated. Most state courts rule that the mortgage follows the note. This means that the original note is freely transferable and whosoever owns the note as holder can enforce the remedy of foreclosure.
Moreover when enforcing a mortgage, it is customary to pleads the recorded instrument not necessarily the original mortgage document. However, unless a “lost note” procedure is invoked, the plaintiff must provide the original, “wet ink” mortgage note to the court.
A complete chain of title is not required to foreclose on property. If the defendant challenges the plaintiff’s allegation that plaintiff is the owner of the mortgage, then plaintiff must submit evidence of ownership. A court may also require evidence of ownership of the note as a submission requirement to obtain summary judgment. Such evidence includes but is not limited a chain of assignments in the form of paper documents properly executed and notarized from the original mortgagee. The plaintiff may also submit any other evidence of ownership limited to the court’s rules regarding the admissibility of evidence.
The worst mistake is that” — every sale of a mortgage must be endorsed over to the purchaser, and properly recorded.” You have confused the requirements for transferring a negotiable note with the requirements for transferring a mortgage note. The two are completely different. A negotiable note must be endorsed to a subsequent holder to enable the holder to become a holder in due course. By comparison, the state courts have always facilitated and protected the transfer of mortgages especially between buyer and seller. Restrictions upon the free alienability of mortgage notes hobble the orderly operation of the secondary mortgage market. There is no legal requirement that the owner of a mortgage must obtain ownership by endorsement. The owner may well not be a holder in due course but have every right to enforce foreclosure as the holder of a note in default.
Remember, the road to hell is paved by good intentions. The foreclosure mills have created enough bad law. Their opponents should know better than to make a similar contribution

By: fighting mad, mad as hell

fighting mad, mad as hell — Mon, 03 Jan 2011 15:21:37 +0000

http://www.alternet.org/story/149365/are_we_going_to_let_the_biggest_financial_fraudsters_keep_their_money_and_avoid_jail_time

ANOTHER REASON THE BANKSTERS ARE GETTING OFF THE HOOK! THE AG’S JUST DON’T GET IT!

By: James McGuire

James McGuire — Mon, 03 Jan 2011 13:00:28 +0000

Patrick Farrell

Wraith of the Irish, interesting. Maybe, I should check the family trunks to see if a Kilt was passed down the family line.

By: Jan

Jan — Sun, 02 Jan 2011 23:16:24 +0000

British “Crown” is NOT the Queen, but the Temple Crown – the Rothschild Empire that occupies the original Church Temple of the Knights Templars, (after they killed them and tried to take their wealth – they took over the church) this is where the offices of the BAR _British Acredited Registry) the attorney’s allegience are based. In the City of London – an independant sovereign city – like the Vatican. They run the financial empire of the world. The collectors of the money. Look up “Attorney” in a dictionary – it means one who collects money.

Our entire court system has been hijacked by the “Law Society” and we are paying debts to them for them to exist. I say we cancel the contract that allows them to exclusively issue our money and our society will turn around because we won’t have to be dependant on the banksters for money. If they can print it out of thin air, why can’t we? It’s all based on OUR credit. OUR energy. OUR labor. Why are we allowing them to enslave us? Time to rise up and get REAL change in this country – for the PEOPLE. We need our unalienable property rights back! The Public debt is money THEY owe US!

By: internetasker

internetasker — Sun, 02 Jan 2011 17:58:42 +0000

“Better New Years Wishes” to the Forum, and note of appreciation to all writing about homes not houses -or at least along with houses..

By: l vent

l vent — Sun, 02 Jan 2011 04:42:54 +0000

My deed on my home has been recorded and stamped paid since origination. My mortgage was recorded but never assigned to my deed or anything else. No note was ever recorded. My mortgage was paid off 10 years after origination under my nose and sold to “another” bankster, then a few years later put in MERS. No assignment was ever made to my paid off deed. I have my original deed with my name on it stamped and recorded paid. My recorders office told me that there has not been an assignment to my deed in 18 years and the statute of limitations has run out on “them” to assign a debt to my deed and I can do whatever I WANT with MY HO– USE. I am guessing that “they” could not gamble on my deed if it had a lien on it and this is why “they “never attached a debt to my deed. Now that the cat is out of the bag persay I can only say that the banksters are very greedy in wanting to STEAL the people’s homes, too. They made I heard on CNBC 600 TRILLION dollars since 1999 on derivatives and that is not the only way “they” made money off all of us.’THEY’ are trying to tell ‘US’ that this nation is broke? Really now. I think the U.S. is the wealthiest nation on the planet. ‘THEY’ just want us to think that we are broke and saddle us all with a bunch of unsecured debt that occured only after the INTENTIONAL FINANCIAL COLLAPSE “THEY” created to trick us all into DEBT SLAVERY. We all need to default on all of the unsecured debt and free ourselves from these opressors. Our national GDP for one year is about 60 trillion in comparison. I think these people should just admit why they never securitized the mortgages and call it even with the homeowners. After all is said and done We The People, the ones that ‘THEY’ robbed all of the wealth from should SUE THEM from ROBBING US ALL BLIND. The whole country can get in on one big class action lawsuit and SUE THEM.We must stand indivisible against these Nazi’s who want to kill us one way or another .

By: Marilyn Abdilla

Marilyn Abdilla — Sat, 01 Jan 2011 11:40:00 +0000

As I said before…the funding in my daughter’s mortgage was money wired to the closing company..a Title Co. This money was put into escrow by the title co. Never did the title co. give a complete record of the closing to my daughter. The title co. recorded the mortgage and requested the recorded mortgage to be returned to them..NOT to the bank..at no time did anyone..the broker, the bank or title co. tell her the funding was done by investor(s). The bank pretended to be the funder. On the note and the mortgage the bank (WaMu) listed themselves as payee/lender/…when in fact they were not the payee/lender. This made the mortgage VOID. So from the very start their greed turned on them. My daughter called the title co. and requested a complete copy of the closing and was told to subpoena the title co. cause of the privacy act. What was so private? Social Security numbers…LOL…bells were getting louder. So I still went further into the boiling pot and found so much fraud it is disgusting. It’s a good thing she got a good attorney cause if it was me in front of the judge…I would have a hard time shuting my mouth. This whole thing reeks with fraud. Comments on a firing squad…LOL…no single shot..use an automatic…why waste time. The worse part of this whole sick mess..is this government has not done a damn thing to convict these criminals…crime breeds crime…so guess who are the bed partners? WAKE UP AMERICA…THIS IS A NEW YEAR…LET’S MAKE THIS A BANNER YEAR…WE WILL GET OUR COUNTRY BACK WITH VICTORY …WE MUST STAND TOGETHER…THE FACTS ARE OUT THERE..THE CORRUPTION HAS BEEN PROVEN…NOW IT IS UP TO EVERYONE TO FIGHT FOR OUR RIGHTS AND OUR COUNTRY..GREED AND FRAUD ARE NOT WINNERS…THEY HAVE ALREADY LOST…THEY GOT CAUGHT.

By: John

John — Fri, 31 Dec 2010 22:00:29 +0000

Somewhere there is a man working a boring job doing as he’s told by the big bosses at the bank he works for and gets a low salary..
I feel sorry for him as before this is over, several little peons like him will go to prison and be made the scapegoats while the real big boys give more money to politicians! That will cause a cleanup of the goofy laws that give homeowners a chance.

Sad, but far more likely to be accurate!