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« Former Goldman Sachs Executive Gene Sperling Floated As Larry Summers Replacement | Main | Foreclosure Fraud & MERS In The Spotlight: Interview With CEO R.K. Arnold (Video, Links, Jamie Dimon Says 'No') »
Friday
Jan072011

MERS DEATH ZONE - Double Class Action Lawsuits Filed Against Mortgage Registration Puppet

Scroll down for VIDEO - Interview with MERS CEO

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IN THE SUPERIOR COURT OF FULTON COUNTY
STATE OF GEORGIA

DUSTIN ROLLINS

v.

MORTGAGE ELECTRONIC :
REGISTRATION SYSTEMS, Inc.;
and MERSCORP, Inc

The Plaintiff shows herein that MERS’ foreclosure on Plaintiff’s property was not valid and was wrongful, as are those foreclosures by MERS on the property in the State of Georgia of all similarly situated persons to the Plaintiff wherein MERS sent the notice of foreclosure to the debtor and wherein MERS purports to have exercised the power of sale and auctioned the property. MERS does not have the authorized power to send a valid notice of foreclosure within the State of Georgia for those deeds where it is “solely a nominee” and does not have the authority or power under Georgia law to foreclose on a property or engage in an auction of sale on such property where is is “solely a nominee” on such deeds.

Dustin Rollins v Mers Class Action Suit

We can only imagine the blood-curdling feeding frenzy as trial lawyers gash the bones and suck the marrow from the fraudulent banks.

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Class Action vs Mortgage Electronic Registration Systems, Gmac, Deutsche Bank, Nation Star, Aurora, Bac, Ci...

Scribd Document:  Class Action vs Mortgage Electronic Registration Systems, Gmac, Deutsche Bank, Nation Star, Aurora, Bac, Citigroup, Us Bank, Lps, Et Al

From page 75 of the Kentucky complaint:

  • "From the time of the Great Depression up and until 1999, the conversion of loans into MBS was illegal.  The Banking Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation of the exact nature of what has taken place in the last several years.  It was commonly known as the Glass–Steagall Act.  Over the years provisions of the Act were eroded little by little, until the Act was finally killed with the last repeal of the section which prohibited a bank holding company from owning other financial companies.  This was accomplished with the Gramm–Leach Act."

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Fox Video:  CEO R.K. Arnold discusses how the company and its database are involved in the nation's foreclosure mess.

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You can also verify your loan servicer with MERS online -- takes 45 seconds:

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And you can find out if Fannie or Freddie own your note:

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Reader Comments (12)

Financial Times: "The real danger here for banks is that 'show me the note' becomes widespread" »

http://dailybail.com/home/financial-times-the-real-danger-here-for-banks-is-that-show.html
Oct 25, 2010 at 5:01 AM | Registered CommenterDailyBail
SO IT BEGINS -- Bank of America Accused of Racketeering in Class Action Foreclosure Lawsuit »

http://dailybail.com/home/so-it-begins-bank-of-america-accused-of-racketeering-in-clas.html
Oct 25, 2010 at 5:02 AM | Registered CommenterDailyBail
Foreclosure Fraud & MERS In The Spotlight: Interview With CEO R.K. Arnold (Video, Links, Jamie Dimon Says 'No')

http://dailybail.com/home/foreclosure-fraud-mers-in-the-spotlight-interview-with-ceo-r.html
Oct 25, 2010 at 5:03 AM | Registered CommenterDailyBail
Special Release: Clear Capital™ Reports Sudden and Dramatic Drop in U.S. Home Prices

Most recent data shows a two-month 5.9% price decline representing a magnitude and speed of decline not seen since March 2009; similar declines for September and October expected to appear in other industry indices in coming months.

http://www.clearcapital.com/company/pr_details.cfm?source=patrick.net&position=30686#header
Oct 25, 2010 at 5:40 AM | Registered CommenterDailyBail
The Elephant In The Foreclosure Fraud Room: Second Liens

There’s been plenty of recent media attention to the prospect of investor lawsuits over fraudulent mortgages and mortgage securities. But investor lawsuits against mortgage servicers could be even more damaging than these other lines of legal inquiry. The four largest banks hold nearly half a trillion dollars worth of second-lien mortgages on their books—loans that could be decimated if investors successfully target improper mortgage servicing operations. The result would be major trouble for the financial system. The result would be major trouble for too-big-to-fail behemoths.

http://blogs.alternet.org/speakeasy/2010/10/21/the-elephant-in-the-foreclosure-fraud-room-second-liens/
Oct 25, 2010 at 5:40 AM | Registered CommenterDailyBail
The complaint in the Kentucky case sets forth some lethal allegations. The case was assigned to Judge Charles R. Simpson, a Reagan appointee who's received high marks from the Kentucky bar. (The Rick Pitino extortion case is/was before Simpson.) MERS is looking like a very sick pup.
Oct 25, 2010 at 4:56 PM | Unregistered CommenterCheyenne
I never knew this (from ¶ 75 of the Kentucky complaint):

"From the time of the Great Depression up and until 1999, the
conversion of loans into MBS was illegal. The Banking Act of 1933 established the
Federal Deposit Insurance Corporation (FDIC) in the United States and introduced
banking reforms, some of which were designed to control speculation of the exact nature
of what has taken place in the last several years. It was commonly known as the Glass–
Steagall Act. Over the years provisions of the Act were eroded little by little, until the
Act was finally killed with the last repeal of the section which prohibited a bank holding
company from owning other financial companies. This was accomplished with the
Gramm–Leach Act."
Oct 25, 2010 at 5:07 PM | Unregistered CommenterCheyenne
Thanks Cheyenne...i'm going to add that to the post...
Oct 25, 2010 at 6:05 PM | Registered CommenterDailyBail
And David Dayden at FireDogLake picked it up..i didn't send it to him...

http://news.firedoglake.com/2010/10/25/the-roundup-228/

2nd story at the top...
Oct 25, 2010 at 7:08 PM | Registered CommenterDailyBail
I suspect "avoidance of recording fees" is a minor motivation behind MERS, but offered up by MERS in the hopes that the media will be sidetracked away from finding the really juicy stuff. Obfuscation of ownership, elimination of visibility into the chain of title, no reliable chronology of chain of title, and facilitation of control fraud is the most likely motivation for this database. Only those record changes that the member banks feel they need to make at the moment are included, so at best the record is incomplete. There is no real control of who inputs data and no effort to preserve the original documents that the database inputs are supposed to reflect. In effect, it appears to me the database is, at best, one person's (or entity's) opinion of property ownership and lien status at a particular moment in time, and the person inputting the data may not even have a legitimate interest in the property until they create it out of thin air.
Jan 12, 2011 at 1:29 PM | Unregistered Commentercurmudgeonman
great comment curmudgeonman...
Jan 12, 2011 at 4:13 PM | Registered CommenterDailyBail
MERS IS CRIMINAL! Of course a lender has the right to reasonable security to money it lends. A borrower (home buyer) also has a right to reasonable control how he uses his property & his insurance policy. Home owners have been relegated to the ranks of second class citizens or welfare recipients. Yes, lenders take risks, that is part of the formula for the interest rates they charge.
Mar 7, 2017 at 12:02 PM | Unregistered CommenterCHARLIE AYCOCK

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