Wednesday, October 21, 2009
MERS: This APPEARS To Be Unlawful!
This is interesting....
There's a key question as to whether those "assignments" by MERS are actually being performed by MERS, or whether they're effectively forgeries, as has been talked about before (e.g. it appears that the endorser is in fact an employee of the recipient of the note, not an officer of MERS), but we'll leave that one alone for now.
But....
Denninger: MERS: This APPEARS To Be Unlawful!
In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS.
There's a key question as to whether those "assignments" by MERS are actually being performed by MERS, or whether they're effectively forgeries, as has been talked about before (e.g. it appears that the endorser is in fact an employee of the recipient of the note, not an officer of MERS), but we'll leave that one alone for now.
But....
Denninger: MERS: This APPEARS To Be Unlawful!
Permalink posted by markw @ 5:54 AM 
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