Originally posted by Dion DePaoli:
Chris S., thank you for copying and pasting an article from 2010 which has concepts already addressed. Next time please just paste the link so the reader can decide to review the article if they wish and they also understand where it came from since the post contains none of your own thought or interpretation.
As previously stated, the basis of all of this information is myth. State Supreme and Appellate courts are holding that MERs has authority.
Posted after your article:
http://www.martindale.com/litigation-law/article_Sheppard-Mullin-Richter-Hampton-LLP_1361478.htm
You can find one of these for most states: http://www.cga.ct.gov/2012/PDdata/Tmy/2012SB-00407-R000316-MERS-TMY.PDF
A couple other base facts:
1. - All MERs mortgages/deed of trust are record as a matter of practice (perfected)
2. - There is not a duty in all states to record an Assignment of Mortgage/DOT. This is the base and answer to the fees that MERs may or may not owe to state counties.
3. - Promissory note assignments of rights are NOT recorded.
4. - The process which this all deals with has been amended since 2010 when it came to light. All interim assignments and allonges are recorded and stored in file. The chain of ownership is perfected prior to the foreclosure complaint eliminating MERs myth answers to complaint validity ever more so.
5. - Lastly, the cost to record an assignment, which is typically a two or three page document is $15 +/- and is not comparable to document stamp fees in states which are a percent of the security instruments.
The MERs myth is so popular as it resonates with homeowners who look to demonize the banks and system for the foreclosure mess. As I said before, aside from who's fault it is, not much is going to obstruct the fundamental concept that if you do not pay your mortgage you will be foreclosed on. These MERs myths are just hopes that is not true.
So your saying that because I did not write any of the afformentioned article that all my facts are deemed false because you supplied a link yourself ?
Can you explain this lawsuit filed in the State of NewYork by the Attorney General representing the people of NewYork. Dated February 3, 2012 Merscorp "is" named as a defendent.
Is the AG of NewYork's facts also to be wisked away as a MERS Myth ?
Just because you think you know what you are talking about does not make it fact and a matter of legal law.
The NewYork AG Has since settled this suit for 25 Million but it still does not negate the fact that these practices were illegal.
http://www.dsnews.com/articles/new-york-reaches-25m-settlement-over-mers-actions-2012-03-14
Respectfully,
The link to the lawsuit:
http://www.scribd.com/doc/80390257/NYAG-Complaint
