MERS Lacks Legal Authority and Public Accountability

Harvard Amicus Brief on MERS Some of the best quotes, Mortgage servicing companies, banks, courts and government agencies have all expressed astonishment at the extent to which MERS database is inaccurate. (p. 24) “Simply put, ‘MERS is the Wikipedia of land registration systems.’ Culhane v. Aurora Loan Services, 826 F. Supp. 2d 352 (D. Mass. 2011) […]

U of A Law Professor Braucher on In re Vasquez Arizona Supreme Court

Professor Braucher’s observations of the justices’ questions and focus were similar to mine. I’m sure she was more professional about controlling her grimaces and facial expressions than I was.  I tried.  I promise.  But anyway, she wrote a great article on Credit Slips about it.  Here’s an excerpt: The Arizona Supreme Court currently has under review a […]

Decisions Were Made

This Time Isn’t Different Because the Banks Made That Decision by David Dayen at FireDogLake, full article on this link: Let’s set aside this alibi of “bad politics” and look at the facts here.  The Administration set aside $75 billion through TARP for HAMP, and to date have used $1.6 billion or so on a […]

Professor Wray’s Anatomy of Mortgage Fraud

Anatomy of Mortgage Fraud Part I-MERS Smoking Gun Anatomy of Mortgage Fraud Part II:  The Mother of All Frauds Wray proposes solutions: There is a community of interests that can bring together the securities holders (including PIMCO and the NYFed) and the defrauded homeowners to stop the illegal foreclosures. The best thing for the investors […]

Levitin Kills It!

Here’s a good post on Adam Levitin’s testimony at today’s hearing on robo-signers, chain of title problems, etc. David Dayen’s full piece below: http://foreclosureblues.wordpress.com/2010/11/18/levitin-addresses-elephant-in-the-room-regulators-don%e2%80%99t-want-to-fix-the-foreclosure-crisis/ Georgetown U.’s Adam Levitin has become something of a rock star during the foreclosure fraud crisis. He had some of the best and most biting commentary in the Senate Banking Committee […]

Congressional Hearing on Robo-Signing, Chain of Title, Loss Mitigation and Other Issues in Mortgage Servicing

C-SPAN3 temporarily cut away from the hearing to go to Rangel’s sanctions but the hearing is still on here. The participants (R.K. Arnold of MERS and Professor Adam Levitin have been busy this week): Robo-Signing, Chain of Title, Loss Mitigation and Other Issues in Mortgage Servicing Date: November 18, 2010 Time: 10:00AM Location: 2128 Rayburn House Office […]

Servicers Hired “Burger King Kids”

NY Times reports: And even when banks did begin hiring to deal with the avalanche of defaults, they often turned to workers with minimal qualifications or work experience, employees a former JPMorgan executive characterized as the “Burger King kids.” In many cases, the banks outsourced their foreclosure operations to law firms like that of David […]