READER ALERT ON MERS LEGISLATION — START CALLING ON HR 6460
READER ALERT ON MERS LEGISLATION — START CALLING ON HR 6460
There is a bill being brought to Congress by a Ohio representative that brings MERS to its knees. Let’s hope it passes in the new year–HR6460. This bill prevents Fannie and Freddie from guaranteeing any mortgages that have MERS in the chain of title.
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7 thoughts on “READER ALERT ON MERS LEGISLATION — START CALLING ON HR 6460”
I JUST READ MORE ON THIS BILL AND I THINK IT IS A COME ON TO GET PEOPLE LIKE US TO SUPPORT IT–I WITHDRAW MY SUPPORT FOR WHAT IT IS WORTH
THIS IS GREAT BUT WHAT IS THE STATUS? WHAT IS THE LINK TO SIRAK????
dny
…shall be assigned to the servicer…”??? NO THANKS — agree dny.,
WHALEN-ROSNER OPEN LETTER TO U.S. REGULATORS REGARDING NATIONAL LOAN SERVICING STANDARDS
http://stopforeclosurefraud.com/2010/12/23/whalen-rosner-open-letter-to-u-s-regulators-regarding-national-loan-servicing-standards/
I agree with both of you. In its present form, this is not the bill we need.
Yes and HR 6460 also appears to paper over fraud by use of the following language applicable to Freddie, Fannie and Ginnie “loans”:
“Not later than the expiration of such period, the corporation shall require that all mortgage loans owned, guaranteed, or securitized at such time by the corporation and on which MERS is the named mortgagee or mortgagee of record shall be assigned to the servicer, holder, or creditor, as defined by the guidelines of the corporation. The corporation shall not reimburse the servicer, holder, or creditor for any expense incurred in the carrying out or recording such an assignment.”
Is Ohio Rep. Kaptur REALLY inviting the pretenders to simply fabricate assignments regardless of ownership (just like the robo signers have been doing to date)? Sounds like it to me.
I’m not convinced that it’s such a wonderful effort.
However … the back end provision of this bill commissions HUD to do a study on federal land title possibilities. That usurps states rights under the 10th Amendment! HUD and its bureaucracy has already done enough damage to property ownership. One more bit of power in this direction and it will be a war with the states to preserve their system of property recordation laws which MERS has already usurped and abberated. This only prevents MERS with GSE’s, not the rest of the mess. Please read fully before endorsing.