Book 'Em, Danno!
Book 'Em, Danno!
Not worth the paper they're not printed on...
Originally shared by Ralf Haring
"The council had commissioned the audit from McDonnell Property Analytics, a forensic analyst of mortgage documents. It surveyed assignments from the first half of 2013 involving MERS, which is owned by big banks Fannie Mae and Freddie Mac."
"The Washington State Supreme Court’s 2012 decision in Bain v. Metropolitan Mortgage Group found that MERS violated state law by foreclosing on homeowners on behalf of a lender. The court ruled that MERS is not a “lawful beneficiary” because it never held the promissory notes."
"In every one of the 195 mortgage assignments reviewed by McDonnell Property Analytics, MERS attempted to transfer legal interests in the mortgage, which the Washington Supreme Court says it does not hold, to another entity."
"MERS changed the language it uses in Washington — calling itself the “nominee for the lender” rather than the beneficiary — but not its practice. In other words, the changes are only semantic. “Regardless of the artful wording,” the audit states, “if the assignments serve the same purpose as before, the problem remains.” The audit uses the Latin phrase nemo dat quod non habet, “No one can give that which he does not have.”"
"By pretending to transfer interests that MERS does not own, the assignments are fraudulent under Washington law, the audit concludes. And all subsequent filings, and subsequent foreclosures, depending upon that invalidated assignment, are similarly void. The audit cites state law that makes filing false or forged documents to public offices a felony, with penalties of up to $5,000 and five years in prison."
https://theintercept.com/2015/09/18/leaked-seattle-audit-concludes-many-mortgage-documents-void
Not worth the paper they're not printed on...
Originally shared by Ralf Haring
"The council had commissioned the audit from McDonnell Property Analytics, a forensic analyst of mortgage documents. It surveyed assignments from the first half of 2013 involving MERS, which is owned by big banks Fannie Mae and Freddie Mac."
"The Washington State Supreme Court’s 2012 decision in Bain v. Metropolitan Mortgage Group found that MERS violated state law by foreclosing on homeowners on behalf of a lender. The court ruled that MERS is not a “lawful beneficiary” because it never held the promissory notes."
"In every one of the 195 mortgage assignments reviewed by McDonnell Property Analytics, MERS attempted to transfer legal interests in the mortgage, which the Washington Supreme Court says it does not hold, to another entity."
"MERS changed the language it uses in Washington — calling itself the “nominee for the lender” rather than the beneficiary — but not its practice. In other words, the changes are only semantic. “Regardless of the artful wording,” the audit states, “if the assignments serve the same purpose as before, the problem remains.” The audit uses the Latin phrase nemo dat quod non habet, “No one can give that which he does not have.”"
"By pretending to transfer interests that MERS does not own, the assignments are fraudulent under Washington law, the audit concludes. And all subsequent filings, and subsequent foreclosures, depending upon that invalidated assignment, are similarly void. The audit cites state law that makes filing false or forged documents to public offices a felony, with penalties of up to $5,000 and five years in prison."
https://theintercept.com/2015/09/18/leaked-seattle-audit-concludes-many-mortgage-documents-void
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