The Road to Securitization: MERS – TOO MANY DEAD DUCKS
While fishing for bank-related patents this gem surfaced and jumped into the net. At first it wasn’t apparent it was a keeper because the UETA issue has not been in the forefront of foreclosure defense. However, taking the time to dissect the document it became apparent that, as some of us have suspected, there is a mandatory methodology from the origination of the mortgage loan on a trip to the securitized trust that includes the EXPLICIT CONSENT of the obligor (homeowner).
Yup… The road to securitization needs an electronic record that the “issuer” aka the “obligor” has explicitly consented to at the time of origination. Yeah, ya think maybe that was the real intention of MERS aka Mortgage Electronic Registration Systems, Inc.? But it looks like it didn’t have all its ducks in a row. This is a lot to digest – but you need to know and understand this information in order to plead your case correctly before the courts.
As the third Mortgage Electronic Registration Systems, Inc. and the Trustees for the alleged REMIC trusts began filing foreclosure proceedings, fraudulent assignment of mortgages and other fabricated robo-signed documents began to surface. As a result, discussion and dissection of securitization and MERS dominated the court process.
MERSCORP, INC. executives claimed that “MERS” was created to avoid the cost of recordation at the state levels while they transferred their securitized documents about… but, it appears, that too was a misrepresentation possibly in order to avoid charges of “Fraud in the Factum.”