I was just about to post something about this. Of note is that Utah IS a state, like California, with a non-judicial foreclosure process. There are nuances in each state’s laws, which may make similar claims in California without merit.
Also of note, Mish tends to be a pretty conservative guy, with little patience for borrowers behind in their payments. He calls this a travesty of justice. But then, after posting some alternate views from comments from his readers he finishes with an amended conclusion:
In general, I share the “mixed feelings” of [commenter] Dr. Evil. Unless Congress botches things up (always a distinct possibility), we will likely get a better system out of this than before. That is one way, the only way to legitimately have “mixed feelings” about this. Certainly there has been no justice served in regards to bank fraud. Not a single person has gone to jail or even been significantly fined.
And this is a completely different tact to an only peripherally related problem as was addressed in the thread here a week or 10 days ago. This is purely a MERS issue, and seems to be the result of the failure to properly record transfers of ownership of notes and security subsequent to original recording. Since the current owners of the notes weren’t recorded, they weren’t entitled to notice of the quiet title action. Nor was MERS, as MERS was never an owner.
