Most cities and towns have attorneys. These attorneys should sue for lost filing fees plus penalties and interest.
My opinion is that the concept of MERS is a fraud in the first place. It’s the corporate equivalent of saying “John Doe” holds your mortgage and “John Doe” has the right to foreclose.
I believe that somewhere buried within the concept of “informed consent” is the construct that if the signer is unaware of the possible consequences of his consent – clouded titles, fraudulent foreclosures, no accountability, etc. then it negates the idea of informed consent in the first place. Also, homeowners who signed consent for MERS being a nominee on their mortgages did so in a state of duress -at the signing table. Most have already expended dollars, have moving vans in their driveways, etc. and never even heard the term MERS until it was presented to them at closing by the attorney representing the banks – “the closing attorney”.
I think there should be a class action suit with all MERS homeowners as the class. I know one was started in Kentucky but was dropped when the individual attorney who started the case could not find any large legal firms to sign on with her and she couldn’t fight Wall Street alone.
It is known that frauds were perpetrated upon the courts by banks, mortgage servicers and foreclosure attorneys who had forgery as part of their business model. Any DA anywhere could take just one of these cases and files charges for fraud, forgery, perjury, notary fraud, conversion, theft, . . . any number of charges. Charge the little guys who actually did the deeds at the instruction of their superiors. Offer them amnesty and just continue climbing up the corporate ladder until you get to the people who first authorized and demanded these actions. You’d get pretty high – probably right up to CEO and BOD levels as well as some government participation.(Take a look at who were the founding members of MERS) Then try the bastards and convict them. Do the same process for the securitization frauds on the part of the noteholders.
My beef about all this, is that the biggest heist/fraud in the history of the world is NOT a civil matter – it’s a criminal matter. We are way beyond some SEC fines and penalties. Nationalize the GD banks that did this!
Sheila Bair wrote an op-ed article in 2007 that made people in Treasury think, "Sheila Bair is difficult."
She was surprised to learn that mortgage servicers had pushed 99% of those surprise-reset mortgages (whose en masse defaults sparked the crisis) into foreclosure rather than modifying them. So she voiced her frustrations in an article.
According to the NYTimes:
[In an op-ed in the New York Times, she] called on mortgage servicers to reset adjustable-rate mortgages en masse. “These borrowers would still be required to make their monthly payments... Avoiding foreclosure would protect neighboring properties and hasten the recovery.”
Although she made no mention of the Treasury Department, everyone in the bureaucracy knew that it was her real target. It was now official: Sheila Bair was difficult.
That's one of two interesting things about the foreclosure process that we learned reading an interview with Bair in the NYTimes. Basically, that mortgage servicers "promised" (whatever that means, we don't find out. Obviously, it wasn't in writing.) to modify mortgages, but instead, they foreclosed on most properties and modified just 1%.
The second is that when explaining the rush-to-foreclosure process she says, “I think some of it was that they didn’t think borrowers were worth helping. There was some disdain for borrowers.”
Honest! And totally unproven because she doesn't go into detail. But it reminds us of the opposite of when Jamie Dimon said, "Giving debt relief to people who really need it. That's what foreclosure is."
It's a homeowner's worst nightmare: That banks rush to foreclose 99% of the time because (Bair suspects) bankers have a disdain for borrowers.
The entire "exit interview," which Bair gave to the NYTimes as she's leaving the FDIC for Pew Trusts, is a good read >
Two other interesting points:
1. She echoes the voice of the public when it comes to capital requirements (they should be higher to discourage risk-taking behavior) and the foreclosure process (banks should instead help homeowners modify the loans). She similarly seems to forget that politicians encouraged banks to loan to riskier candidates by throwing lawsuits at them if they disqualified borrowers with low income, and instead blames mostly the securitization process and banks' eagerness to make risky bets.
2. She also thinks that Bear Stearns should have failed, not given to Jamie Dimon as a Christmas present, like the book, Too Big To Fail put it.
Bair told Joe Nocera:
“Let’s face it.. Bear Stearns was a second-tier investment bank, with — what? — around $400 billion in assets? I’m a traditionalist. Banks and bank-holding companies are in the safety net. That’s why they have deposit insurance. Investment banks take higher risks, and they are supposed to be outside the safety net. If they make enough mistakes, they are supposed to fail. So, yes, I was amazed when they saved it. I couldn’t believe it. When they told me about it, I said: ‘Guess what: Investment banks fail.’ ”
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