CA MERS Civil Lawsuits
By admin at 31 August, 2010, 11:19 pm
What is the Mortgage Electronic Registration System, or MERS? It’s a Delaware corporation that currently holds over 60 million mortgages in the United States. Owned by the largest mortgage companies in the world, including Freddie Mac, Fannie Mae, HSBC, Wells Fargo, and Countrywide, MERS was created as a method of minimizing paperwork and excessive fees for the lenders. Particularly, the fees that come with securitizing mortgage loans: sending them to Wall Street to be sliced up and sold repeatedly as bonds.
MERS names itself as the mortgagee, or the mortgage holder, on the document instead of the lender. It presents itself as the lender’s “nominee” – instead of the lender’s name on the document, the lender “nominates” MERS to take their place. In other words, MERS is only a front.
During securitization, MERS supposedly keeps track of the the original ownership interests electronically. However, it has been shown time and time again in civil court that MERS cannot produce the original promissory note. Therefore, they have no legal standing when it comes to foreclosure cases. This is a case of “Produce The Note” on a grand scale – as MERS technically has no legal right to enforce foreclosure on any of their 60 million mortgages throughout the United States.
Additionally, the questionable practices of MERS has prevented billions of dollars in recording fees to be paid to local county governments. Lawsuits in California and Nevada are bringing negative public attention to the company.
If your home is facing foreclosure, we can prepare a forensic loan audit. If your mortgage is owned by MERS, there is a good chance you will have the law on your side. We provide forensic loan audits in every state, legal document preparation in CA, and access to our vast network of reputable attorneys.
These are the foreclosure defenses we prepare based on your audit findings:
Truth in Lending Act – TILA
Real Estate Settlement Procedures Act – RESPA
Mortgage Electronic Registration System – MERS
Produce the Note – PTN
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