Fraud-based actors using MERS turned a hefty profit and were never held to account

The only beef I have with the article cited in the link below is that it fails to ask, “why?” Why were fabricated documents needed at all? Why was MERS needed at all? Why were “servicers” needed at all? The rise of “servicers” only occurred within a specific period in a very specific sector of the marketplace.  And they performed no servicing functions —- even though lawyers produced “records” of such activities in pursuit of foreclosure.

The failure of “legal standing” sounds like a technicality. It is not. It means, in plain language that the party named is (a) not a person or legally organized business entity, (b) has no claim or (c) both. In nearly all foreclosure proceedings the answer is “c.”

In May 2011, a very well-researched and well-written article was published by Huffington Post, written by L. Randall Wray, a professor of economics at the University of Missouri. It was called “Requiem for MERS” because the author made the same mistake I made 5 years earlier. We thought that by simply revealing the obvious facts about MERS, the entire securitization system would collapse.

For him, that was 11 years ago. For me, it is now 16 years ago.

Despite numerous admissions, investigations, victories in court, and settlements totaling about $1 trillion so far, the basic fraudulent premise of “securitization” survives: the illusion of the sale of a loan account that was eliminated in the process of securitization. The truth is exactly 180° opposite from the illusion.

And human beings tend to accept that which is repeated and that which continues to be repeated. So despite the Senate hearings in which people like Elizabeth Warren and Katie Porter accurate pinned down the witnesses and made them admit that 95% of foreclosures were based upon fraudulent instruments, the entire topic went dark on Capital Hill and in mainstream media, which had been hot on the trail of the fraud.

We have repeatedly reported that foreclosures are falling while local media reports that foreclosures are spiking. And because big media still has the hue of credibility, most people, including law enforcement and lawmakers, believe it to be true.

But the number of inquiries I am receiving from lawyers and homeowners has spiked to levels that were only matched in the heat of the 2008 crash. But most lawyers continue to have a problem with the basic premise of my strategies and tactics, which have been successful for 16 years.

Suppose you proceed on the premise that there is no case, no claimant, and you admit nothing. In that case, persistent aggressive litigation is likely (but not guaranteed) to produce a judgment or very satisfactory settlement for the homeowner.

As law students, we learn about trial practice; those who teach always remind us to start at the beginning. It is often, at the very first, most basic premise that the weaknesses or falsity of the opposition are revealed. And by ignoring that investigation and that analysis, it is often how lawyers and their clients lose cases they could have won.

The only beef I have with the article cited in the link below is that it fails to ask, “why?” Why were fabricated documents needed at all? Why was MERS needed at all? Why were “servicers” needed at all? The rise of “servicers” only occurred within a specific period in a very specific sector of the marketplace.  And they performed no servicing functions —- even though lawyers produced “records” of such activities in pursuit of foreclosure.

Homeowners were confronted with “servicers” right after they concluded the issuance of a note and mortgage only in situations where the “transaction” was being controlled and funded by a Wal Street securities brokerage firm that called itself an “investment bank.”

And for the most part, the most obvious signal of the fraud was the presence of a private entity with absolutely no credibility or function: MERS (Mortgage Electronic Registration Systems, Inc., MERS Corp. et al).

see https://www.huffpost.com/entry/requiem-for-mers-and-the_b_812940

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Neil F Garfield, MBA, JD, 75, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business, accounting and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. THE COMMENTS ON THIS BLOG AND ELSEWHERE ARE BASED ON THE ABILITY OF A HOMEOWNER TO WIN THE CASE NOT MERELY SETTLE IT. OTHER LAWYERS HAVE STRATEGIES DIRECTED AT SETTLEMENT OR MODIFICATION. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.

But challenging the “servicers” and other claimants before they seek enforcement can delay action by them for as much as 12 years or more. In addition, although currently rare, it can also result in your homestead being free and clear of any mortgage lien that you contested. (No Guarantee).

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