Showing posts with label Robo Signing. Show all posts
Showing posts with label Robo Signing. Show all posts

Monday, February 27, 2012

MERS's Business Model Is Illegal
New York's U.S. Bankruptcy Court Rules

This just in from the Huffington Post. Huge good news for beleaguered home owners in this down economy. 


United States Bankruptcy Judge Robert Grossman has ruled that MERS's business practices are unlawful. He explicitly acknowledged that this ruling sets a precedent that has far-reaching implications for half of the mortgages in this country. MERS is dead. The banks are in big trouble. And all foreclosures should be stopped immediately while the legislative branch comes up with a solution.
Its business model makes it impossible to legally foreclose on any mortgaged property registered within its system -- which includes half of the outstanding mortgages in the US. MERS was a fraud from day one, whose purpose was to evade property recording fees and to subvert five centuries of property law. Its chickens have come home to roost.