free houses for everybody, but that the governments in the world were intent upon
keeping us enslaved.
AND THAT's why they bailed out the banks.
TO keep us down.
Well, that's pretty much correct, but you can't control every
judge in such a big country as the US, and there's one in Utah
who's giving out free houses.
This is happening because the rapist-bankers
were in such a hurry to fl%&7k us
that they forgot to wrap up the paperwork,
and as is known by everybody who makes their own cigarettes,
no papery, no smokery.
a mortgage without the paperwork = one free house.
AND THAT's why they bailed out the banks.
TO keep us down.
Well, that's pretty much correct, but you can't control every
judge in such a big country as the US, and there's one in Utah
who's giving out free houses.
This is happening because the rapist-bankers
were in such a hurry to fl%&7k us
that they forgot to wrap up the paperwork,
and as is known by everybody who makes their own cigarettes,
no papery, no smokery.
a mortgage without the paperwork = one free house.
Home, home on the range,
where the deer and the antelope
are on my dinner plate
and the head of a trophy-banker is on the wall.
[actually, it's Bush43, but who cares]
where the deer and the antelope
are on my dinner plate
and the head of a trophy-banker is on the wall.
[actually, it's Bush43, but who cares]-Costick67 ~(8^P
checkitout:
Walter Keane poses for a portrait at his office. Keane filed and recently won a lawsuit that resulted in several homeowners in Utah getting title to their property, even if they owed the full mortgage, all because of chaos introduced into the nation's property recording system by MERS.
The attorney for another man in Draper, Utah, says he has won two other cases this way, and another attorney in Utah got a default judgment giving title to borrowers who owed $417,000 on a home.
Utah Professor Chris Peterson weighs in on the significance of the rulings.
In Utah, missing paperwork means a lot; Borrowers gain title for free.
Sources
David Dayen at FDL
Salt Lake City Tribune
A Utah court case in which the owner of a Draper townhouse got clear title to the property, even though he still owed $132,000 on it, raises new legal and financial questions about a property-records database created by mortgage bankers.
The award of a title free of liens means that whoever owns the promissory note on the Draper property — likely a group of faraway investors — no longer has the right to foreclose to collect on a delinquent loan. Indeed, the townhouse owner has sold the property and kept the money. Those who own the promissory note probably don’t even know what occurred.
Decisions such as the one 3rd District Judge Glen Iwasaki handed down in the Draper case could have a big impact as the state wends its way through hundreds of lawsuits involving foreclosures, loans on properties for more than they’re worth and predatory lending practices that led Utahns to lose their homes as the real-estate bubble burst.
More from David Dayen...
This is all tied up with MERS, the online database that has stood in for the land records system in as many as 60% of the mortgages in America over the past decade or so. As we’ve seen, MERS is essentially a way for the largest banks to avoid recording fees, by naming them as the mortgagee on the original record and then transferring the mortgage and the note through their database. The problem is that MERS is named as an owner on loans in which it has no financial interest, and the judicial system doesn’t yet know how to manage that. This has confused the hell out of title insurance companies, who cannot determine who holds the note or even who can collect payments on it. As a result, in this case, the courts and the title company failed to figure any of that out, so they gave title back to the homeowner.
The attorney for the man in Draper, Utah, says he has won two other cases this way, and another attorney in Utah got a default judgment giving title to borrowers who owed $417,000 on a home.
The owners of the note could always go back and try to recoup this money, but as Christopher Peterson of the University of Utah says in the article, MERS calls into question their ability to succeed:
Under laws adopted by all 50 states, the owner of a “negotiable instrument” such as a promissory note must be in physical possession of the document, said Peterson. Otherwise it would be like someone trying to cash a photocopy of a check instead of the actual check. [HAhahaHAHAhahahhhaaa LOL-Costick67]
“One cannot be a holder of a note unless one is in physical possession of that note,” he said.
But Peterson said evidence is coming out in courts that shows the actual promissory notes or mortgages signed by buyers were not transferred as the notes made their way into the mortgage-backed securities investment pools.
That could mean in these cases that no one is in a position to try to collect because the actual notes are lost or destroyed, potentially making some promissory notes investors think they hold worthless. [PRAY FOR A FIRE in that edifice- Costick67]
Start watching at the 1-minute mark. Includes excellent testimony from foreclosure lawyer Thomas Cox, and Utah professor Dr. Chris Peterson. Detailed article on MERS inside.
Hearing took place Dec. 15, 2010.
checkitout:
THEDAILYBAIL.com
Mers free houses
Very interesting story, and not without ramifications for other states.Mers free houses
Walter Keane poses for a portrait at his office. Keane filed and recently won a lawsuit that resulted in several homeowners in Utah getting title to their property, even if they owed the full mortgage, all because of chaos introduced into the nation's property recording system by MERS.
The attorney for another man in Draper, Utah, says he has won two other cases this way, and another attorney in Utah got a default judgment giving title to borrowers who owed $417,000 on a home.
Utah Professor Chris Peterson weighs in on the significance of the rulings.
In Utah, missing paperwork means a lot; Borrowers gain title for free.
Sources
David Dayen at FDL
Salt Lake City Tribune
A Utah court case in which the owner of a Draper townhouse got clear title to the property, even though he still owed $132,000 on it, raises new legal and financial questions about a property-records database created by mortgage bankers.
The award of a title free of liens means that whoever owns the promissory note on the Draper property — likely a group of faraway investors — no longer has the right to foreclose to collect on a delinquent loan. Indeed, the townhouse owner has sold the property and kept the money. Those who own the promissory note probably don’t even know what occurred.
Decisions such as the one 3rd District Judge Glen Iwasaki handed down in the Draper case could have a big impact as the state wends its way through hundreds of lawsuits involving foreclosures, loans on properties for more than they’re worth and predatory lending practices that led Utahns to lose their homes as the real-estate bubble burst.
More from David Dayen...
This is all tied up with MERS, the online database that has stood in for the land records system in as many as 60% of the mortgages in America over the past decade or so. As we’ve seen, MERS is essentially a way for the largest banks to avoid recording fees, by naming them as the mortgagee on the original record and then transferring the mortgage and the note through their database. The problem is that MERS is named as an owner on loans in which it has no financial interest, and the judicial system doesn’t yet know how to manage that. This has confused the hell out of title insurance companies, who cannot determine who holds the note or even who can collect payments on it. As a result, in this case, the courts and the title company failed to figure any of that out, so they gave title back to the homeowner.
The attorney for the man in Draper, Utah, says he has won two other cases this way, and another attorney in Utah got a default judgment giving title to borrowers who owed $417,000 on a home.
The owners of the note could always go back and try to recoup this money, but as Christopher Peterson of the University of Utah says in the article, MERS calls into question their ability to succeed:
Under laws adopted by all 50 states, the owner of a “negotiable instrument” such as a promissory note must be in physical possession of the document, said Peterson. Otherwise it would be like someone trying to cash a photocopy of a check instead of the actual check. [HAhahaHAHAhahahhhaaa LOL-Costick67]
“One cannot be a holder of a note unless one is in physical possession of that note,” he said.
But Peterson said evidence is coming out in courts that shows the actual promissory notes or mortgages signed by buyers were not transferred as the notes made their way into the mortgage-backed securities investment pools.
That could mean in these cases that no one is in a position to try to collect because the actual notes are lost or destroyed, potentially making some promissory notes investors think they hold worthless. [PRAY FOR A FIRE in that edifice- Costick67]
Start watching at the 1-minute mark. Includes excellent testimony from foreclosure lawyer Thomas Cox, and Utah professor Dr. Chris Peterson. Detailed article on MERS inside.
Hearing took place Dec. 15, 2010.
