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MERS

MERS


"The development of "electronic" mortgages managed by MERS went hand in hand with the "securitization" of mortgage loans chopping them into pieces and selling them off to investors.

In the heyday of mortgage securitizations, before investors got wise, lenders would slice up loans, bundle them into "financial products" called "collateralized debt obligations" (CDOs), ostensibly insure them against default by wrapping them in derivatives called "credit default swaps," and sell them to pension funds, municipal funds and foreign investment funds.

There were many secured parties, and the pieces kept changing hands; but MERS supposedly kept track of all these changes electronically.

MERS would register and record mortgage loans in its name, and it would bring foreclosure actions in its name.

MERS not only facilitated the rapid turnover of mortgages and mortgage-backed securities, but also served as a "corporate shield" that protects loan originators from claims by borrowers concerning predatory lending practices." - Ellen Brown


"MERS has reduced transparency in the mortgage market in two ways.

First, consumers and their counsel can no longer turn to the public recording systems to learn the identity of the holder of their note.

Today, county recording systems are increasingly full of one meaningless name, MERS, repeated over and over again.

But more importantly, all across the country, MERS now brings foreclosure proceedings in its own name even though it is not the financial party of interest.

This is problematic because MERS is not prepared for or equipped to provide responses to consumers' discovery requests with respect to predatory lending claims and defenses.

In effect, the securitization conduit attempts to use a faceless and seemingly innocent proxy with no knowledge of predatory origination or servicing behavior to do the dirty work of seizing the consumer's home.

So imposing is this opaque corporate wall, that in a "vast" number of foreclosures, MERS actually succeeds in foreclosing without producing the original note "the legal sine qua non of foreclosure" much less documentation that could support predatory lending defenses." - Timothy McCandless


"MERS as straw man lacks standing to foreclose, but so does original lender, although it was a signatory to the deal.

The lender lacks standing because title had to pass to the secured parties for the arrangement to legally qualify as a "security."

The lender has been paid in full and has no further legal interest in the claim.

Only the securities holders have skin in the game; but they have no standing to foreclose, because they were not signatories to the original agreement.

They cannot satisfy the basic requirement of contract law that a plaintiff suing on a written contract must produce a signed contract proving he is entitled to relief." - Ellen Brown




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