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A little over a year since the day that the world first learned about robosigning and the broader problem of fraudclosure, which is merely the functional equivalent of infinite rehypothecation of an underlying asset between a daisy-chain of lien holders, we get the first legal incursion into this farce. From Bloomberg we learn that: BANK OF AMERICA, WELLS FARGO, JPMORGAN SUED BY NEW YORK OVER MERS “For me, the question is clear. Do we want land records in America to be governed by major banking conglomerates on Wall Street or the people and laws of the United States of America?†~ FOR IMMEDIATE RELEASE: THIGPEN WANTS TO TAKE ON MORTGAGE GIANTS: SEEKS INVESTIGATION OF “MERS†FOR REIMBURSEMENT OF $1.3 MILLION IN LOST REVENUE [...] MERS CEO R.K. Arnold Leaving Company From the WSJ: The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement could come within days, according to people familiar with the matter. The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm’s board of directors has [...] |
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