[bubba99]

The paper statements are from the servicing company. During the securitization process, mortgages were split in any number of ways – derivatives for principal, interest, various tranches with first claim riders. Who actually owns the mortgage is a real question. I can see that multiple parties have a claim to each actual underlying mortgage.

In the good old days, the principal and interest were owned by the same party. To foreclose you needed both parts to be “harmed” – the underlying note, and missing payment. There is no record except MERs as to the various ownerships. Do you really believe that they will do anything to add integrity to the system?

[bubba99]

The paper statements are from the servicing company. During the securitization process, mortgages were split in any number of ways – derivatives for principal, interest, various tranches with first claim riders. Who actually owns the mortgage is a real question. I can see that multiple parties have a claim to each actual underlying mortgage.

In the good old days, the principal and interest were owned by the same party. To foreclose you needed both parts to be “harmed” – the underlying note, and missing payment. There is no record except MERs as to the various ownerships. Do you really believe that they will do anything to add integrity to the system?

[bubba99]

The paper statements are from the servicing company. During the securitization process, mortgages were split in any number of ways – derivatives for principal, interest, various tranches with first claim riders. Who actually owns the mortgage is a real question. I can see that multiple parties have a claim to each actual underlying mortgage.

In the good old days, the principal and interest were owned by the same party. To foreclose you needed both parts to be “harmed” – the underlying note, and missing payment. There is no record except MERs as to the various ownerships. Do you really believe that they will do anything to add integrity to the system?

[bubba99]

Perfect. And they say bankers get a bad rap.

[bubba99]

Perfect. And they say bankers get a bad rap.

[bubba99]

Perfect. And they say bankers get a bad rap.

[bubba99]

Perfect. And they say bankers get a bad rap.

[bubba99]

Perfect. And they say bankers get a bad rap.

[bubba99]

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

[bubba99]

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

[bubba99]

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

[bubba99]

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

[bubba99]

Yes, I think this is a real problem. For centuries, all property records were kept at the local county recorders office. With MERS, that all ended. The notion of a Trust Deed that gave title to a property or (loan on a property) is forever clouded. In the “old days” the paper deed was kept at the bank and returned to the homeowner when the note was paid. The county had all the appropriate records recorded in their “books”

But that “paper” never existed for many of the note resale’s under MERS. There very well could be multiple people who believe they own a note on a particular property – MERS is the only record. The original trust deed lost forever.

The county would charge a recording fee each time a title was changed or encumbered. But not under MERS, the funds were never paid the changes never record, but the fore closers want the counties to enforce their implied claim anyhow.

I suppose that title companies could just insure the hell out of a sale until the claims forced another AIG type of bailout We are in for a long ride.

[bubba99]

I am not sure where the crime is. Vandalism is for property “any real or personal property not his or her own”. If the trashing was before the sale – no crime

[bubba99]

I am not sure where the crime is. Vandalism is for property “any real or personal property not his or her own”. If the trashing was before the sale – no crime

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