Comments on: How counties lost revenue in the bank foreclosure crisis http://blogs.reuters.com/muniland/2013/04/12/how-counties-lost-revenue-in-the-bank-foreclosure-crisis/ Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Cate_Long http://blogs.reuters.com/muniland/2013/04/12/how-counties-lost-revenue-in-the-bank-foreclosure-crisis/comment-page-1/#comment-2467 Wed, 16 Apr 2014 18:58:10 +0000 http://blogs.reuters.com/muniland/?p=12567#comment-2467 March 16, 2014

U.S. Regulators Examining Departures at Mortgage Registry

http://www.bloomberg.com/news/2014-04-16  /u-s-regulators-examining-departures-at -mortgage-registry.html

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By: Laster http://blogs.reuters.com/muniland/2013/04/12/how-counties-lost-revenue-in-the-bank-foreclosure-crisis/comment-page-1/#comment-2230 Tue, 16 Apr 2013 01:55:36 +0000 http://blogs.reuters.com/muniland/?p=12567#comment-2230 Yes..yes..and yes, it’s a travesty that gets little attention, and thank you Cate for at least mentioning this.
No one prevails against MERS in any legal action. We regularly hear of judicial activism as being a blight on some expected fairness, what is really occurring is judicial protectionism. With no formal legal education I can still understand a pattern of continuing technicalities defeating a good faith claim against MERS.

These people will forego taxes, HOA fees, basic upkeep, recording fees, yet still burden local courts, sheriffs, and other municipal services.

The communities suffer, taxpayers are regularly required to backstop these loans, through the GSEs, and financial institutions, toward our own privation. Families are evicted and forced to relocate to favorable economic regions, to whatever degree of success. We, in effect, create a larger base of internal economic refugees that flies in the face of those stepford wives’ NAR commercials.
Depending on the circles you travel in, you may be insulated from some of the more pronounced effects i’ve mentioned.

You have to wonder why it isn’t possible for a mortgage applicant to by pass the banks, mortgage originators, real estate agents, brokers etc. and address the RMBS investors directly?
Nothing trumps face to face communication and a direct inquiry to one’s financial status..you know, to cut out those fraudulent loan applications. Possibly a direct application to one of the GSEs, or the FRB, if they’re so intent on bankrolling this circus. Both parties secure an attorney and record the instrument with the associated fees.

You only have to picture what another housing downturn would do to this fragile economy to see why it is the FRB is purchasing MBS, and MERS will not suffer a legal defeat.

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