Sunday, February 20, 2011

50% of All Outstanding Mortgages Now In Question?

A few things are now quite clear. Lots and lots of money was loaned into existence that could never be paid back, and real estate values skyrocketed as a result. Who exactly owns/owes what to whom has become more than a legal nightmare. Roughly half of modern day mortgages somehow failed to be legally recorded at the local level when it comes to who owes the money, and who holds the note/deed/title.

Why is this sort of thing not being broadcast on the evening news?

“MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process,” Grossman wrote. “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.”

The above quote in blue is from Bloomberg!

Chain of custody for deed/title/mortgage/note/security is difficult to rejoin once broken. I suspect that CONgress will try to 'fix' all of this with an ex post facto law validating MERS somehow to avoid pure mayhem.

Deeds/titles/mortgages that were recorded at the county level for hundreds of years are now lost in a grand blender of mortgage backed securities and Glass-Steagall's worst nightmare come true. States rights hang in the balance for our private property jurisdiction.

Read on up this topic below, and watch the situation unfold:


Satirical images posted above courtesy of William Banzai 7