Thursday, February 24, 2011

Daniel Pennell: MERS Counsel Calls Me « naked capitalism

Daniel Pennell: MERS Counsel Calls Me « naked capitalism MERS is Flush with hubris and evidently full of supreme confidence that because they are involved with so many mortgages in the US, they will be labeled as too big to fail, and be rescued and coddled by the congress in the same manner as banks. I am fed up with all the lies from the banks, mers and the congress. It is as if we have lost all sense of justice in the country. The banks are dictating policy and they are promoting criminal activity with the blessing of the administration and the congress. The American public has been left to flounder as the banks and Mers get full support of congress and the White House. The Government is fleecing the public and letting the banks set policy. The government continues to fail its people daily. Why are they getting away with it?

This is statement from a New York Judge recently regarding MERS and its legal postion on foreclosures.

Then followed up by a quote from an ACTUAL MERS Excecutive revealing the outlandish arrogance of this entity because it is involved in over 50% of mortgage transactions in the country. 
The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States….This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law.
When I pointed out that the MERS announced changes to its membership agreements that followed so quickly on the heels of the Agard decision seemed to align almost exactly with the comments made by Judge Grossman, Mr. Anderson (Of MERS) said that it was just a “coincidence of timing” and that the changes were just intended to avoid any potential legal issues and to improve and secure the MERS business process. It’s interesting in light of Mr. Anderson’s remarks that a Naked Capitalism reader reported yesterday that banks have been settling cases where MERS is at risk of getting an unfavorable judgment. As he wrote:

I then asked Mr. Anderson about the OCC investigation. I pointed out that the reports I had read, including those in the Wall Street Journal, said that the OCC was nearly complete with its investigation of the servicers and that although MERS was originally part of that investigation, it appeared that the investigation into MERS was being parsed out and put on a separate and ongoing track.
Underlines added by me.  This is the height of arrogance by the banking community and all of the prime time players invovled in the banking and mortgage fraud that brought down the American economy. 
Mr. Anderson said that he could not comment on the OCC investigation or actions but then went on to say that no administration would allow, nor would it allow a judge’s ruling, to threaten the legal standing of a MERS member to take a home. He pointed out that MERS has some relationship with 60% of the mortgages in the country worth in the trillions of dollars. In other words, in his opinion, regardless of the law or the findings of the OCC, MERS is too important because of the dollars associated with its operation to be allowed to be found to be acting illegally.
Wow.  Where is the government for the People now.  Where is that change we were waiting for in the White House that would stand up for the common man?  Every day I am more stunned at the incompetence of our congress their failure to protect the interest of the citizens of the USA. 

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