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| Louisiana Has Had Enough (MERS) in forum [Market-Ticker]
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Ghopper
Posts: 2297
Incept: 2011-06-11
Staten Island, NY
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I am too jaded, at this point, to think this is anything but the AG seeking campaign donations from Financial Institutions.
Reason: spelling
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Thesev
Posts: 1371
Incept: 2007-10-30
Louisiana
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Our Crooks won't just let Anyone steal around here.
Especially from them. Heh.
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The reason the republic isn't working is that it's being run as a democracy.
It doesn't matter who you are, or who you Think you are, the Math is Going to Win.
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Hapablap21
Posts: 786
Incept: 2007-08-21
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lol, that was my first thought too. Who gave them permission to steal? You don't steal around here without some good bribes. Banks included.
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Leicestersq
Posts: 221
Incept: 2009-10-12
UK
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If the state law is so clear in Louisiana is so clear, then why has this been a problem anyway?
When a foreclosure comes to court, unless the party foreclosing is the one that is the documented owner of the mortgage as recorded by the state, then the judge should throw it out. This process is so easy, a ten year old with a bit of sense could follow it. Prove who you are. Show me who the state defines as holding the mortgage, the two match, foreclose, or if not throw the case out and award costs against those bringing the action.
MERS would be dead in the state after the very first case where the MERS owner and the state recorded owner of the mortgage was at odds.
I can only conclude that there have been a lot of crooked judges not following the law.
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Anti
Posts: 4278
Incept: 2007-10-09
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This question is late coming years into this but I have been confused even by online dictionaries, and articles (not this one) sometimes use different synonyms for good English form and sometimes not, but it confuses the issue for the uninformed, so
What is the "note"?
What is the "mortgage"?
What is a "deed"?
What is a "lien"?
What is supposed to be recorded?
anyone?
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Health is better than health insurance
http://gerson.org/
Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis.
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Redhatty
Posts: 1788
Incept: 2008-10-10
New Orleans
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So here's a loaded question, IF MERS, et. al. loses this one & gets charged under RICO, can prior homeowners who were "fraudulently" foreclosed on go back & sue for damages?
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Obama can take my guns right after he gives me his valid long form birth certificate.
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Dmj625
Posts: 434
Incept: 2010-03-01
New Orleans, LA
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I have sent virtually every Ticker on this topic to the New Orleans City Council and the Jefferson Parish Attorney's office.
Sending this one as well.
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"The more that laws and regulations are given prominence, the more thieves and robbers there will be."
-Lao-tzu
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Dmj625
Posts: 434
Incept: 2010-03-01
New Orleans, LA
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I like the diagrams in the complaint. The third diagram (P21) nails it.
[LENDER] --> Nothing [MERS] --> Nothing [Foreclosing Party]
Just awesome.
I know that my own mortgage has been transferred through MERS. I'll be following this to see where it goes.
Dmj625
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"The more that laws and regulations are given prominence, the more thieves and robbers there will be."
-Lao-tzu
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Onelegged
Posts: 265
Incept: 2009-11-13
NW Colorado
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I'm with GHopper on this one. Nothing to see here. The banks are invincible if only because of the broad shoulders of the U.S. taxpayer. The AG and the Governor of LA will be shown to be on-the-take when the smoke and mirrors blow over.
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The light at the end of this tunnel is a train.
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Crossthread
Posts: 4539
Incept: 2007-09-04
Wilmington, NC
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Very relatedIn some cases, the transfer process relies on a widely-used third party, known as the Mortgage Electronic Recording System, or MERS, which was also cited in last year's enforcement action by federal regulators. The system was designed to bypass the costly and time-consuming process of recording mortgage transfers at county or town clerks' offices. Critics of the system, including state prosecutors who have sued MERS, have argued that it doesn't provide an adequate paper trail to prove who actually owns a mortgage. MERS has disputed those complaints and has also won some important court victories upholding its legal standing in transferring mortgages and establishing ownership of a loan in foreclosure. In other cases, when mortagages aren't registered on the MERS system, Wells Fargo loan specialists in the Charlotte office have to verify ownership by reviewing images scanned into their computers. In theory, all relevant, original documents are available for review. But it's not unusual for a critical piece of paper to be missing, according to employees at Wells Fargo’s Charlotte office.Locating the original document could require ordering it up from a storage warehouse in a different location, which "would probably take you forever," said the loan processor. Strictly-enforced production quotas often make it all but impossible to devote the time needed to verify each file, she said.http://economywatch.msnbc.msn.com/_news/....Also see post.... http://tickerforum.org/akcs-www?post=204....
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“Cognitive Co-Dependency” is when a normal rational person, internalizes irrational illogical presentations, and somehow reconciles them to fit their scripted indoctrination of logical analysis.Quote:Samuel L. Clemens:There is NO Native Criminal Class; EXCEPT for CONgress
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Joyce
Posts: 96
Incept: 2012-01-08
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whether civil or criminal actions arise in court... the banks will find a way (or be allowed) to settle. ALWAYS
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Ktrosper
Posts: 1497
Incept: 2010-04-06
ft collins co
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Ghopper wrote..I am too jaded, at this point... I'm with ya :(
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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
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Rutben
Posts: 1414
Incept: 2007-07-27
Phoenix, AZ
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"When a foreclosure comes to court, unless the party foreclosing is the one that is the documented owner of the mortgage as recorded by the state, then the judge should throw it out. This process is so easy, a ten year old with a bit of sense could follow it. Prove who you are. Show me who the state defines as holding the mortgage, the two match, foreclose, or if not throw the case out and award costs against those bringing the action.
MERS would be dead in the state after the very first case where the MERS owner and the state recorded owner of the mortgage was at odds".
Nobody in my short sale purchase did due diligence to determine the legal owner. I followed up with everyone except Chicago Title to make sure my cash was going to the legal owner. Since I did get an unencumbered deed from the county, I assume that happened. Both original lenders of the first (Chase) and second (PNC) signed off on the agreed haircut. However, the title search did show securitization and multiple transfers through MERS. The title officer said she followed the instructions of the "current" servicer as represented in MERS. I wouldn't be surprised if all parties are relying on title "insurance" as if it were a CDS. I am afraid to call Chicago Title and confirm that.
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Leicestersq
Posts: 221
Incept: 2009-10-12
UK
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Just had a more detailed look at the filing. As I said in my earlier post, the whole thing in Louisiana wouldnt have worked anyway if judges had enforced the law. The irony appears to be, if I understand these legal documents correctly, is that the judges are party to the suing of the banks?
And yet it is the judges who enabled this rampant law breaking in the first place.
Is a person who lost their home allowed to sue a judge for that loss for failing to uphold the law?
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Bubbazanetti
Posts: 539
Incept: 2007-08-23
NOLA
Online
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From Wikipedia (I had to look it up):
"Treble damages, in law, is a term that indicates that a statute permits a court to triple the amount of the actual/compensatory damages to be awarded to a prevailing plaintiff, generally in order to punish the losing party for willful conduct. Treble damages are a multiple of, and not an addition to, actual damages. Thus, where a person received an award of $100 for an injury, a court applying treble damages would raise the award to $300.[1] The ability to award treble damages is a typical feature in legislation that recognizes the potentially willful nature of the prohibited acts. For example, such damages may be awarded by a court in the United States for willful violation of the antitrust laws, for willful patent infringement, for trademark counterfeiting, and under the RICO statute.[2] The idea behind the creation of such damages, also called exemplary damages, is that they will encourage citizens to sue for violations that are harmful to society in general."
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Joejohns
Posts: 694
Incept: 2010-09-09
Banned
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Louiserana is neck and neck in corruption ON THE BENCH and at all levels of the slime that is called a gvt with ILLinois of the several states that i have any first hand experience.
the cretins that sit the bench are some of the most corrupt and money grubbing bag men you will ever find.
Nothing is a surprise coming out of there.
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Andysvw
Posts: 1703
Incept: 2010-06-26
Tujunga Ca
Online
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If this goes well it will open the door for the counties to shake the banker tree pretty hard. The county is the only one that can fix the title. If the counties start asking the right questions. Did the title get sent to anyone? If so who? and when? That should open the door for the AG to really go after the MBS trust. What could be better than watching the corrupt bankers going toe to toe with corrupt county governments. Across the country 3000+ counties and all of them strapped for cash. This is the best attempt yet to go after the banks locally. The first one on the list is NY Melon. I would be much happier if it was in a county court. Thats where it should end up. If this goes to trail we will find out about free houses and who has been getting them. The banks will want to settle and they might but it will be pricy. Then all other counties will follow. The settlement will dwarf the 50 state AG settlement.JMO
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Marvinmartian
Posts: 744
Incept: 2011-03-16
Pasadena, CA
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Some mortgage documents explicitly name MERS as the the way to transfer title.
What happens to those mortgages that explicitly state this?
I suppose the transfer is legal, but then the owner of the note would have to pay the recording fees and penalties to appear in court to enforce the note.
I have no experience in this; I'm in a non-judicial foreclosure state where the foreclosure process is quick and hard to contest. The upside to this is California's "one action rule" which makes purchase money mortgages nonrecourse.
I'm surprised that more have not just mailed their keys to the bank and moved out of state.
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Andyc
Posts: 333
Incept: 2010-10-24
Banned
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When the banks avoid the fees due at the county courthouses via MERS do they still charge those very same filing fees to the homeowner?
I seem to recall reading that this has happened in many cases.
Isn't this one of these no crimes were committed frauds?
Just trying to keep up with all the crimes that were NOT committed....omitted I mean.
: )
"Treble damages, in law, is a term that indicates that a statute permits a court to triple the amount of the actual/compensatory damages to be awarded to a prevailing plaintiff, generally in order to punish the losing party for willful conduct."
So 3 slaps on the wrist.....big deal!....ohhhh I'm so scared!!
Sincerely
Lloyd Blankfein
Now get back to work ingrates!
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Zappafan
Posts: 1787
Incept: 2007-11-30
Atlanta
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If this is being driven at the county level as it appears, there is very little the state AG can do about it other than complain or lobby the county DA's to back off.
They still have to go to trial and get a conviction. Of course the banks will want to settle before it gets that far, but in a criminal case as opposed to civil that means they have to plea bargain for some lesser charge. Admitting any criminal liability opens them up to massive counterpart suits.
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The alternative to not borrowing from a counterfeiting cartel is to be priced
out by those who do
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Genesis
Posts: 130661
Incept: 2007-06-26
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It's definitely an interesting shift. There has been no ability around here to get the county folks interested in suing (or prosecuting) even though they're always bleating about how horrifying their budget problems are.
Well, if you actually went after the people who cheated.....
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Hapablap21
Posts: 786
Incept: 2007-08-21
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Interestingly enough, East Baton Rouge parish really isn't having major budgetary issues, at least that I've heard about. We have crappy roads and bad traffic and a terrible school system, but one thing we don't do much of is spend a lot of money that we don't have. And people around here refuse to support new taxes to pay for new things. Maybe they're doing this because the public won't support new taxes...
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