All US Mortgages May Be Found To Be
Executive Summary – This is found on the RAP site. Possible the end of mortgages. Source page:
The article is posted below. The pdf link will let you download the actual filing.
Possibly the mortgage industry will collapse and end the foreclosures.
California is following in the footsteps of Tennessee!!!!!
All Mortgages are Fraudulent - Former owners will have recourse to sue for fraudulent foreclosures.
Spread this far & wide! The whole industry could collapse completely!!!!!!!!!!
Due to the recent ruling by the Sups, MERS is not the title holder (real party in interest) of any property
and never was. ALL mortgages past and present are therefore fraudulent! This has devastating
repercussions for all of the loan industry, not just MERS, because there is no longer a chain of title. People
who have, or have had mortgages or are being foreclosed on, or have been foreclosed on, now have an out.
These people are now able to win in court and having their mortgages settled and the people are keeping
their houses, for the fear of the banks losing far more in class action suits!
Now California is getting in on the action and suing MERS for filing false recordings with the county
recorders in every county in the state, since MERS started filings over 10 years ago! At a fine of 5-10K a
pop, this stands to create millions and possibly billions of dollars in penalties against MERS which will
effectively bankrupt the fraudulent mortgage industry. This could mean that anyone with a mortgage will
have it immediately settled and the current owners get the title free and clear no matter what balance they
owe because fraud has no statute of limitations. Former owners will have recourse to sue for fraudulent
foreclosers. The resulting litigations will have the banks on their knees in no time flat. The whole industry
could collapse completely. Only time will tell. Lets just see what happens.
A further commentary found on the internet follows:
Lawsuits have been filed in California, Tennessee and Nevada, alleging that the Mortgage Electronic
Registration Systems (MERS) functions as a scheme to deprive counties of recording and filing fees. MERS
was created by banks and mortgage companies in 1994 as a one-stop loan registry. It was designed to save
money by not duplicating paperwork. This is supposed to be accomplished by using MERS’ private
computer system to record mortgages, and listing MERS as the beneficiary of those mortgages. Oakland
Park attorney Kenneth Eric Trent filed a class-action lawsuit this week on behalf of people whose homes
have been subjected to foreclosures, alleging MERS is fraud. His lawsuit joins those filed around the
country, including one filed in Tennessee by the Blackburn, McCune, Happell & Zenner firm. That case
filed against MERS in April is on behalf of the 95 counties in that state that have supposedly been cheated
out of recording and filing fees. According to Trent’s lawsuit filed here in Florida, MERS is allegedly a
cover for banks to foreclose on millions of homeowners by misrepresenting itself as the owner of the
mortgages. This very well could be what breaks the back of the unscrupulous mortgage industry. Florida
Attorney General Bill McCollum’s office has not weighed in on this growing issue, and it makes me
wonder: What is he waiting for? The Restore America Plan