D.A. Craig Watkins takes on Wall Street with MERS lawsuit.

[efhmc]

Dallas County D.A. Craig Watkins takes on Wall Street with MERS lawsuit.
http://www.dallassouthnews.org/2011/09/13/craig-watkins-wall-street-mers-lawsuit/

This petition is different in that it is from a legal representative of a county and is trying to collect fees dues the county. It would be great if Wall Street had to pay up.

[Hestia]

1. This is long overdue and why the states & counties are broke - Wall Street bypassed

the whole proof of owns a mortgage from the county clerks. This is one issue we should stay on top of.

[efhmc]

3. The individual lawsuits have not worked but this just might.

[Tippy]

2. I hope the county is able to retrive the money owed that is owed...

[efhmc]

4. If it works in Dallas, thousands of suits will follow.

[dkf]

5. Lame. He wanted every change filed with the country so they could collect fees

Now he wants the fees without having had to do the work because I doubt they could have handled the volume.

In the end they are just making securitization more difficult. That won't do anything for the housing market.

[efhmc]

7. Who is lame? Are you saying the county could not/would not

collect fees because there were too many of them?

[dkf]

9. You really think they could have processed all that?

Sounds like "make work" to me.

[efhmc]

10. Are you talking about the paper work that makes

money for the county? Since they were never given a chance to collect these fees by filing being bypassed, I guess we can't know but I bet the county would have designed some software or hired more people to collect the millions which were/are due them. I had to pay it when my title just changed names due to an inheritance, but I just a private citizen and not a huge company. Not only is this petition of monetary concern, it is also of legal concern.

Please see response #6 from Hestia.

December 16, 2010 |

"For the first time in the nation's history, there is no longer an authoritative, public record of who owns land in each county." -- University of Utah law professor Christopher Peterson

[chill_wind]

12. It was fraud. Massively rampant, criminal fraud.

On so many levels.

http://moneymorning.com/2010/10/15/mortgagegate/

But if we were to talk about the lost revenues to the counties and local governments across the nation in recording fees alone, we are talking untold billions upon billions upon billions.

http://georgewashington2.blogspot.com/2010/10/lawsuit-alleges-that-mers-owes.html

MERS 101.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=9560185#top

[Hestia]

6. More about the MERS system

http://www.alternet.org/economy/149189/dude,_where%27s_my_mortgage_how_an_obscure_outfit_called_mers_is_subverting_our_entire_system_of_property_rights/

[efhmc]

8. Found this on one of the sites.

December 16, 2010 |

"For the first time in the nation's history, there is no longer an authoritative, public record of who owns land in each county." -- University of Utah law professor Christopher Peterson

[ms.smiler]

11. I recently filed suit against my mortgage servicer over a new MERS issue.

From the Dallas County complaint: “Indeed the fact that MERS boilerplate resolutions allow the employees to just pick which title they want to use is compelling evidence that the whole concept is twaddle.”

I hope the DA, like my own attorney looked to Delaware state law where MERS is incorporated and realizes that MERS has never legally created any Vice Presidents or Assistant Secretaries with any authority whatsoever.

As a result, we have millions of documents filed in our land records which are invalid and need to be stricken. A cloud upon those Titles has resulted as well as millions of wrongful foreclosures.

My attorney filed 300 such suits challenging the MERS signature on the documents filed in our land records. In 99% of those cases, the Complaints went unanswered and the servicers voluntarily agreed to withdraw the invalid documents.

My case is in the 1% going to trial as well as closest to trial. Discovery is presently due and my attorney has filed a Subpoena for a MERS official.

Mortgage servicers logging into a web site, entering information about one of their employees and generating a document called Corporate Resolution can’t possibly be mistaken for the legal method which Delaware law requires of companies incorporated in their state in order to create Assistant Secretaries and Vice Presidents.

Privatized land records, (MERS) didn’t just illegally enable our banks to avoid billions in recordation fees as well as more easily defraud MBS investors but it also clouded the Titles to millions of our properties.

[chill_wind]

13. A couple more interesting things. There was a similar suit in California

for recording fees filed a year ago. Does anybody know where that stands? I haven't found anything.

Lawsuit Alleges that MERS Owes California a Potential $60-120 Billion
in Unpaid Land-Recording Fees

http://www.georgewashington2.blogspot.com/2010/10/lawsuit-alleges-that-mers-owes.html

And MERS might get a copycat. Good luck to them getting the original paper on millions of existing properties that MERS says were destroyed, or authenticating and sorting out the jillions of existing fraudulently robosigned documents in the assignment chains. Are they going to start from scratch?

In addition to its legal fight, MERS faces competition from Delaware-based Global Debt Registry, which plans to launch an alternative registry service this summer.

“The more we researched it, the more it seemed there was a need for an alternative” to MERS,” said Mark Parsells, the firm’s executive chairman. “We see the need for a proper alternative that alleviates any ambiguity” related to the ownership of the underlying mortgages.

(from June)

http://www.washingtonpost.com/business/economy/courts-may-reshape-mortgage-industry/2011/06/13/AGhPzHVH_story.html