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The Death Of MERS
Military foreclosures
by Mike Harris
At long last, it appears that the USA is still a country of laws and not a country of big banks and corporations.
A New York Federal Bankruptcy Judge named Grossman has finally ruled that the illegal scheme called MERS, that has defrauded both homeowners and large investors is nothing more than a scheme developed by bankers and mortgage brokers to also bilk the county recorders out of the fees due at title transfer.
MERS is the method the bankers preferred to quickly and illegally to evict millions of homeowners from their homes. In the process MERS allowed the Banks to separate the note from the security. This allowed the securitization and bundling of millions of home loans into trade able securities. The only problem is that the MERS process destroyed the chain of title. Now 50% of the real estate in the USA does not have a clear title to determine who actually owns the real estate and who owns the note. The net result is the notes for the home loans are worthless paper.
The Banks no longer have legal standing to evict any one from their home. That is the good news, the bad news is that no one now can prove they have a clear title. So who owns these homes and other real estate?? That is still unclear.
For the time being possession is 90% of the law and people with MERS homes and other MERS real estate, may need to resort to the concept of adverse possession and live on the property for the required time (which varies by state) until clear title can be issued by the state or county to the party which occupies the property.
Many people will be able to remain in their homes, but for those currently buying a home, the buyers must make sure that the bank will post a bond and insure clear title to the home before you sign any financial instruments. If not the home buyer risks not having a clear title to the home they are purchasing.
The downside for the banks is that they must now down grade their balance sheets to reflect that the financial instruments are defective, and write off trillions of dollars. The good news for many homeowners is they cannot be evicted.
The ruling by Judge Grossman is precedent setting and it restores the rule of law into the mortgage industry. The aftermath of these illegal practices of the banks and lenders may take decades to rectify. The other aggrieved parties are the institutional investors, pension funds, mutual funds who were also defrauded with these worthless securities. The banks will be forced to make them whole and refund 100% of their investments, please keep in mind that these funds belong to the American workers who earned the pensions by investing their savings in these funds for decades.
This may be the end of the too big to fail banks and I welcome their demise. They have abused the process, everyone and everything associated with mortgage lending for the past decade and longer. It is time to use the concept of the “Clawback” to strip the banks of their ill gotten assets and the bankers who have been personally enriched at the expense of everyone else. No more obscene bonuses for the fat cats on Wall Street this Holiday Season!! The bankers should be forced to return all salary and bonus money they have been paid for the past decades, they should not benefit in any manner from the economic damage they have inflicted upon so many people.
It is time for the bankers to give up their yachts, private jets, numerous vacation homes and all the trappings of excessive wealth they have fraudulently gained at the expense of the American people. The banks should be liquidated to rectify this wrong; it is time to let the legitimate free market decide the outcomes of this economic disaster.
The real test will come with the power of the bankers in the Congress of the USA. If the Congress agrees to retro-actively legalize fraud, then we know the bankers are still in control. If not we will see active implementation of the law by every law enforcement body in the country, starting with the County Sheriff right up to the SEC and the DOJ. If we fail to see law enforcement embrace this ruling, this will confirm the depth of corruption in the USA. This is a bell weather moment in America, I look forward to the best possible outcome to the benefit of the American people, the homeowners and the institutional investors who were all defrauded by the bankers. Let Justice prevail!! Let the bankers, Hedge fund managers et al, be sentenced to a re-education camp, picking beets for the next 100 years. We can send the illegal aliens home; the bankers can pick the vegetables from now on.
The Marine Corp has a saying: “We don’t have problems, we have opportunities” this is true in this situation. America has the opportunity to completely reform our dysfunctional financial system from the ground up. Let us take full advantage of this once in a lifetime golden opportunity to it’s fullest extent. This is the best chance we will ever get to remake the financial model and the entire banking system of the country, this time for the benefit of the American people.
Short URL: http://www.veteranstoday.com/?p=188309
Posted by Mike Harris on Feb 22 2012, With 0 Reads, Filed under Editors Picks, Vet News, Veterans Affairs, World. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
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I have been fighting with Bank of America for 13 months now. I was served foreclosure papers last March. I have been working with my local state mediation service to get a modified loan. The amount of paper work involved is mind boggling. On one hand, while they say I’m in the final review stages for a modified loan, their lawyers are asking for motion summary judgment against me on foreclosure. They couldn’t provide the original documents (promissary note signed in INK) let alone the documents to show how they became the owner of my mortgage. The Judge denied their motion against me based on this but I’m betting BOA will lie under oath and say they were lost to take my house. Still fighting these criminal BASTARDS!
Ask the Judge to dismiss their foreclosure, cite this case, then go file a notice of adverse possession with the county. Depending upon the law in your state you could own the house free and clear within a very short time.(Other states it takes a long time, in any event they cannot foreclose and evict you from the property)
Stay strong, and never give up
Mike Harris
Great information, thank you. Question: Can this case be appealed or is the NY financial judge the “end of the line?”
Also, do you know if this gives former homeowners any rights to reclaim their former homes, including possible eviction of new owners? I’ve heard of isolated cases like this in some states and I wonder if this changes anything.
Thanks again.
If a fraud was committed there is no statute of limitations. Yes former homeowners who were defrauded by the banks have recourse. I do not know about how the “new” owners will be treated, as they cannot prove title either. This is an enormous mess.
Since this was a Bankruptcy case the appeals process is different. I will need to research it.
Mike
Mike – Sorry you are late to this story. The Grossman decision was handed down about a year ago. Very, very regrettably, MERS the bankster fraud upon the We The People, the Rule of Law and a Fair and Just society are still foreclosing, County Recorders Fees and records have never been made right, and MERS still stands. Mandleman at ML-Implode.com wrote about this a year ago. http://mandelman.ml-implode.com/2011/02/new-bankruptcy-court-decision-sounds-the-alarm-%E2%80%93-the-uss-mers-is-going-down/ and similarly Market-Ticker.com via http://4closurefraud.org/2011/02/13/in-re-ferrel-l-agard-time-to-put-a-fork-in-mers/
Let me know if there is something new here. Thanks.
I have been looking on the court page for the ruling or opinion, and I can’t seem to find it. Do you have a case name, docket number, or other piece of information that can be used to verify this story? I have a couple of cases that turn on MERS chain of title issues, and any such ruling would be of help. Thank you.
Here is the link to the courts documents
http://www.scribd.com/doc/48827432/In-Re-Agard-48750818-US-Bankruptcy-Court-New-York-Memorandum-Decision
Hey Mike, the huffington post article and ruling happened over a year ago, what has become of it since? One would think the blood sucking lawyers in NY would have jumped at the throat of the mortgage companies, but I haven’t heard a peep about it. I know there have been many other court cases where they have ruled in favor of MERS since, (i.e. Residential Funding v. Saurman). Any updated info would be appreciated!
I just checked the Huff Post article it is dated Feb 16, are they recycling?? The Ruling by Judge Grossman is a year old, if I was the banks, I would not advertise this ruling, the implications are huge. No more foreclosures or evictions. In fact I would be doing major damage control.
This situation has all the making of a major class action lawsuit.
Mike, thanks for posting this article with your thoughts. do you know why, after more than a year, foreclosures are still proceeding apace? It seems this decision has had zero effect on the run-away steamroller that is forcing people from their houses using dubious legal paperwork? In non-judicial states like California, the Grossman decision is not even reviewed, and in judicial states, it seems to be ignored. We need all the help we can get researching how we can stop this. thanks!
Eric, In my opinion there are several reasons this has decision has had little effect. One is the people in foreclosure are completely unaware of their options. Two this also applies to attorneys who make more money by delaying the process, billable hours and all. Three we have Judges who do not enforce the laws properly. and finally the concept of adverse possession has not been utilized to the fullest extent. The fear that people suffer, in foreclosure is used as leverage against them. When the woman of the house is in tears and stressed that the family may be forced from the home on a moments notice when thugs dressed as Sheriff’s Deputies how up to evict, it is very hard for people to remain resolute. No one wants to see their household goods on the sidewalk with no place to go.The effects of this emotional trauma on people is devastating, this is a very old, tried and true technique to break the will and spirit of the people. Make no mistake this is domestic terrorism!!
Mike
Got a copy of “Renewal of motion of summary judgment” against me Saturday from BOA’s lawyers in the mail. I have typed up a letter of “Motion to dismiss judgment” based on this articles judgment and will be filing it with a copy of this judges ruling tomorrow at the clerk of court. I’m taking your advice and will let you know what the final ruling is. I live in Iowa so I’m hoping the judges here aren’t as corrupt as other cities.
Please keep in mind, I am not a lawyer, and not qualified to give legal advice. In any case, I wish you the very best with your effort. I urge yo to seek legal counsel. I will mention this on my radio show tomorrow. You may also ask the judge to dismiss with prejudice, and do not forget to cite this case in your motion. The BK Judge who made the ruling gives multiple causes for every MERS case to be dismissed, Please be through and use them all. (then they cannot re-file). I truly pray for the very best outcome for you, and I hope every American who has been affected by this fraud to receive honest justice. Please e-mail me a copy of your motion at radio@veteranstoday.com
No matter what the outcome, you have been defrauded by the banks, and you have rights. If you lose it is because the system is flawed, the banks have great power.
In Solidarity
Mike Harris