This should be the end of challenges to MERS. From HW: One of the more popular claims made by homeowners suing the Mortgage Electronic Registration Systems, or MERS, failed to get passed the California Court of Appeals this past week. In the Taasen v. Family Lending...
Excerpts from the nytimes.com: Cutting to the chase: if you thought this was the deal that would hold banks accountable for filing phony documents in courts, foreclosing without showing they had the legal right to do so and generally running roughshod over anyone who...
From HW: The U.S. Supreme Court denied review of a case brought against Mortgage Electronic Registration Systems by a California man, the Court announced Tuesday. Gomes v. Countrywide is the first major MERS case filed with the Supreme Court, according to Jose Gomes’...
Lenders have lost an excuse for not foreclosing - from MND: Two Appellate Courts in California, citing two separate rationales, have upheld the legal standing of MERS to foreclose. In Calvo v. HSBC a deed of trust signed by Calvo identified CBSK Financial Group as...
Hat tip to JimG for sending this along, from bloomberg.com: Merscorp Inc., operator of the electronic-registration system that contains about half of all U.S. home mortgages, has no right to transfer the mortgages under its membership rules, a judge said. U.S....
More evidence that corporate America is now all about making deals - from Housing Wire: Iowa Attorney General Tom Miller told more than 200 homeowners and consumer advocates in a meeting Tuesday that the investigation into foreclosure practices at major lenders is...
Here's my 2-part MERS settlement. 1. Have the banks fund Sheila's "foreclosure claims commission" to dole out settlements to those who were harmed, and 2. Have the servicers pay all the back recording fees owed (or settlement). MERS is then allowed to continue...
She doesn't say it specifically, but this should be the first step in resolving the MERS/robo-signing debacle with well-rounded settlements for all - from MND: Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair called today for a "foreclosure claims...
Hat tip to everyone who sent in the MA court ruling on foreclosures, which should expedite settlement talks - here's an excerpt from cnbc.com: 95 percent of troubled borrowers currently do not contest their foreclosures, Paul Miller of FBR tells me. He sees this less...
Hat tip to David for sending this along, from USA Today: Steven and Tamara Gewecke are three years behind on their mortgage payments, but they've fought off foreclosure. The Minnesota couple refinanced in 2006 to start a business. It failed. Debts mounted. The...
