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June 2011 Archives

Who is MERS?

California and Federal Courts have been battling with the Conundrum of who is MERS and what rights if any does MERS have to Foreclose on a Consumer's home.
The Mortgage Electronic Registration System, "MERS" was created in 1995. It is a private registry that tracks more than 65 million home mortgages nationwide. It is incorporated in Delaware, operates within a Reston Virginia shell corporation, lists its address as a post office box in Flint Michigan and has no employees.
MERS relies on its members to process documents and until recently to initiate foreclosures in its name.
Fannie Mae, Freddie Mac and other board members founder the MERS registry to bypass county recorder offices, thereby saving billions of dollars in fees and speeding the securitization process. Via the MERS system, transfers of beneficial interests in mortgages may occur many times, but they are not publicly recorded or even reported by Members.

Homeowner fights back and Forecloses on Bank of America

Collier County, Florida - Have you heard the one about a homeowner foreclosing on a bank?
Well, it has happened in Florida and involves a North Carolina based bank.
Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff's deputies foreclose on the bank.
It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn't owe a dime on their home.

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