VeteransToday, 22 February 2012
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.