micjer
Senior Member
Number of posts : 5325
Age : 62
Location : canada
Registration date : 2009-01-23
 | Subject: Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks  Sat Sep 26, 2009 5:49 pm | |
| A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.... ...... “The sole goal of the [bailout schemes] is to prevent owners of mortgage-backed securities, many of them foreigners, from suing U.S. banks and forcing them to buy back worthless mortgage securities at face value – right now almost 10 times their market worth. The ticking time bomb in the U.S. banking system is not resetting subprime mortgage rates. The real problem is the contractual ability of investors in mortgage bonds to require banks to buy back the loans at face value if there was fraud in the origination process. http://www.globalresearch.ca/index.php?context=va&aid=15324 | |
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sky otter
Senior Member
Number of posts : 4389
Registration date : 2009-02-01
| | Subject: Re: Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks Sat Sep 26, 2009 8:24 pm | |
|  hey M nice new avatar...i like it and the key is in the last sentence here buy back the loans at face value if there was fraud in the origination process.this is another way to play on the fear..does anyone really believe that they will find MERS commited fraud in the original set up... i don't think so.. what really has me going is the fact theat the fdic is broke and borrowing money form the new york banks..now thats where the little guy is going to loose... sigh.. the last few daze i am seeing most of what is written as so much BS.. sorry..i will keep quiet everyone had to figure it out on their own..  | |
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mntruthseeker
Member
Number of posts : 698
Location : Blaine
Humor : I got some
Registration date : 2009-01-26
| | Subject: Re: Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks Sat Sep 26, 2009 9:20 pm | |
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| | Subject: Re: Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks | |
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