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New York sues banks over electronic mortgage system

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posted on Feb, 3 2012 @ 11:08 PM
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New York sues banks over electronic mortgage system


www.reuters.com

Schneiderman filed the lawsuit against Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N) and JPMorgan Chase & Co (JPM.N) in New York state court in Brooklyn.

The lawsuit is over the banks' use of MERS, the Mortgage Electronic Registration System the industry created in the mid-1990s to track the ownership and servicing of residential mortgage loans.

Schneiderman claims the system is plagued by inaccuracies. The lawsuit also names MERS and its parent as defendants.
(visit the link for the full news article)




posted on Feb, 3 2012 @ 11:08 PM
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""The mortgage industry created MERS to allow financial institutions to evade county recording fees, avoid the need to publicly record mortgage transfers and facilitate the rapid sale and securitization of mortgages en masse," Schneiderman said.

Schneiderman's lawsuit claims that banks saved $2 billion in recording fees by using MERS."

This is all about the banks screwing local governments out of billion of recording fees... since the banks didn't pay the local citizens have had to pay taxes to offset the revenue. As a person familiar with foreclosures we have had many problems locating properties which have had address changes ...

www.reuters.com
(visit the link for the full news article)
edit on 3-2-2012 by fnpmitchreturns because: spelling



posted on Feb, 3 2012 @ 11:31 PM
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reply to post by fnpmitchreturns
 


This is 2012. They didn't know in the 90's how this was going to operate? They are just now finding out how much they got screwed out of? Who is actually in charge of MERS? Please don't say "the mortgage industry". There has to be a department, a name. Is this in operation in all states? Some states? Are all banks partaking of the MERS program? If not, why?
edit on 3-2-2012 by Gridrebel because: (no reason given)



posted on Feb, 4 2012 @ 12:53 PM
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F and S!
This is FANTASTIC news!! Thanks for posting it.
I hope they nail Chase, at least. That mob 'bought' my mortgage without my permission, tried three years in a row to claim I had failed to keep up my insurance and now had to use 'theirs', which was unbeLIEVably expensive; forcing me to spend hours on the phone with my insurance company, and then them to prove to Chase that they had paid the premium. What a scam.



posted on Feb, 4 2012 @ 01:29 PM
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It is possible good news. I am to the point that I don't think anything will help. The banks were bailed out which should have paid the majority of all mortgages yet we still have to pay and they do not want to help people keep there homes. They want to foreclose and then resell - more profit and then tag the prior owner with any difference on their taxes - more money for government.

My home has MERS on it. I checked the county records and there are banks on my property that I never knew had an interest. The one that now claims to own the loan isn't on the county records.

Most states will accept the deal and screw their constituents. Its all about the money.

I know that Harris County (Houston, Tx) has filed suit against MERS. I also notified the county I live in about that suit and supposedly the information was turned over to our county DA.

Doubt anything will come of any of it that will help people.

Go to the link and look on the right side at the other stories. It is getting so ridiculous I don't know how they can ever straighten it out.

The bailouts should have been given to the people to pay off mortgages. The banks would have their money and we would have less debt. Now the banks have their money, keep taking ours, and we get to payback the money they got.

Guess I'm in a low mood today.
edit on 2/4/2012 by TXTriker because: (no reason given)



posted on Feb, 4 2012 @ 01:30 PM
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reply to post by Gridrebel
 


It is in all states. As far as I know all mortgage lenders participate. It was created by the mortgage industry. As far as I know, no one is in charge or accountable.

Yes the mortage industry knew how it would work. They just never told anyone outside the industry what they were doing and how it would affect the system.
edit on 2/4/2012 by TXTriker because: finish



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