The Truth Will Set You Free: The Logic and the Law are Simple and Old as Common Law Dating Back Centuries

Thanks to Deontos:

Editor’s Note: The logic is simple, basic and the law is old, accepted and “black letter.” No new law is needed to overturn all the foreclosures since 2001, no fancy footwork is required to throw the bums out of court and sue them for the damage they created when they filed false papers to foreclose. All that is needed is people willing to stand up for their legal rights — then the whole mortgage mess gets corrected, with a bit of pain and a bit of gain for everyone.

If the LENDERS — the hedge funds, pension funds, sovereign wealth funds (i.e., the investors who purchased mortgage backed bonds that advanced the cash to fund mortgages AND to fund the ridiculous profits derived from NOT funding mortgages) had any brains they would realize that even if they have been paid (and perhaps especially if they have been paid) they owe the homeowners (a) information and (b) the opportunity for the homeowner to recoup THEIR losses. These real parties in interest, the LENDERS, are vulnerable to suit if they withhold information regarding payment and missing an opportunity for gain if they don’t join with homeowners to create a plan of re-structuring these loans that is economically realistic.

These investors and the homeowners (who both bought financial products that were misrepresented as to value and quality) actually have similar or identical interests in pursuing all the intermediaries in the securitization chain, obtaining judgments, re-structuring the loans and securing as much of their investment, equity and wealth as possible — instead of merely taking what Wall Street is still dishing out.

“the fact that MERS is a shell entity, means MERS never holds these notes (again citing from the reported case of Mortgage Electronic Systems, Inc. v. Nebraska Department of Banking and Finance, supra where MERS explains what it does), and means that Defendant MERS can’t legitimately claim it has lost notes that were never in its possession, and means Defendant MERS can’t legitimately file affidavits of lost notes; and therefore, numerous courts have held it lacks standing to bring a foreclosure action when it can’t produce the original note or show that it holds it.”

Tags: bailout, bankruptcy, borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, mortgage meltdown, predatory lending, rescission, RESPA, RICO, securitization, trustee
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