FRAUD STOPPERS PMA Mortgage Foreclosure Defense Blog Update May 16, 2017

 

From THE PAPER CHASE, Pages 50-51, Adam Levitin. “Even in cases in which there is not a preexisting junior mortgage on the same property, the depositor lapse in MERS’s common-agency system raises questions about perfection in the hands of the trustee, meaning whether the trustee’s mortgage will have priority over competing interests in the mortgaged property. Does the common agency spring again when the mortgage is transferred to the trust?

Or is a new recording required? There is no clear answer to this, but securitization industry practice has not taken MERS common-agency structure seriously, in part because doing so would increase operating burdens and costs.

Sham Agency. MERS’s use of corporate signing officers that are actually employees of MERS’s members arguably indicates that MERS’s entire common-agency structure is a sham and that there is not in fact any real agency relationship, but rather simply principals dealing directly with each other.

MERS exercises no control over the corporate signing officers. MERS’s corporate signing officers are not meaningfully acting on MERS’s behalf, as they receive and take no direction from MERS, but instead are acting on behalf of their actual employers. Indeed, as MERS itself notes, “a certifying or signing officer is authorized to act on MERS’s behalf only with respect to loans and mortgages registered in the MERS® System by the Member for which the certifying or signing officer is an officer.”

This indicates that the entire use of common agency by MERS is in fact a sham that courts might disregard if properly challenged, with the result that MERS mortgages would be unperfected.” Read More

 

“Ultimately the MERS business model cannot work and should not work and needs to be changed.” Ira Rheingold

“Upwards of 70 million mortgages are legally void due to securitization fail, and broken chains of title issues.” FRAUD STOPPERS

“A mortgage can be enforced only by a person who can enforce the underlying debt: a mortgage is but incidental to the promissory note.” Adam Levitin

“I cannot decide for you the moral obligations you should pursue; but if a wrong has been committed against you, you have a duty to correct it.” Dave Krieger

“You have the duty as an American property owner to correct it. Filing a lawsuit (in my book) reflects one’s personal responsibility.” Dave Krieger

“Our primary focus is helping you get clear and marketable title by arguing the security provisions of the mortgage is unenforceable as a matter of law.” FRAUD STOPPERS

“We have a proven way to help you cancel secured and unsecured debt obligations through strategic litigation.” FRAUD STOPPERS

 

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