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Business Title: Michigan High Court Says Yes To Electronic Database Foreclosures A ruling by the Michigan Supreme Court Wednesday overturned an lower court's decision that suspended thousands of foreclosures in the state. The new decision allows Mortgage Electronic Registration Systems (MERS), a third-party record-holding agency that acts on behalf of lenders to foreclose on homes. "The Supreme Court's decision affirms MERS business model and will allow the Michigan real estate industry to get back to business as usual," said Bill Beckmann, president and CEO of Merscorp, the parent company of MERS in a story reported by DSNews, a mortgage industry news site. MERS is an privately held company that runs a database tracking the ownership of mortgage loans. It claims to own titles to nearly half the country's mortgages, The New York Times reports. snip A report released Thursday by the Center for Responsible lending found 3.6 million households nationwide are at "immediate, serious risk" of losing their homes. In Michigan, where real estate prices were already low before the market collapsed, lower-income borrowers are most likely to lose their homes to foreclosure, the report found. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Pull up your pants. Economics is a social phenomenon and in no way a “science”, no matter how desperately its high priests would like to have it believed otherwise. It is, instead, a branch of anthropology and the sooner that is recognized and accepted, the better off human-kind in general and the world of academic economics, in particular, shall be proximity1 We probably will see widespread civil disorder in the 1980s, as a direct result of our faltering economic system. Ron Paul #2. To: lucysmom (#1) Pull up your pants. He's busy looking for that chain of custody. Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET #3. To: mininggold (#2) He's busy looking for that chain of custody. That made me laugh. Economics is a social phenomenon and in no way a “science”, no matter how desperately its high priests would like to have it believed otherwise. It is, instead, a branch of anthropology and the sooner that is recognized and accepted, the better off human-kind in general and the world of academic economics, in particular, shall be proximity1 We probably will see widespread civil disorder in the 1980s, as a direct result of our faltering economic system. Ron Paul #4. To: lucysmom, A K A Stone (#1) (Edited) Pull up your pants. You *stupid* bitch... LMAO. ....So you dig around to find *something * to show you're right, and I'm wrong... And so you post a news item from two months ago. Of course, you post the information without a *clue* as to the ramificati ons of the ruling. How typically obtuse of you. From HERE: The Michigan Supreme Court by a vote of 4- 3 overturned a decision by the Michigan Court of Appeals in Residentia l Funding v. Saurman. In April, the Court of Appeals ruled that MERS lacked the legal authority to foreclose on a home because the lacked any real ownership in the obligation : Michigan Court of Appeals Rules Against MERS The four Republican members of the Michigan Supreme Court decided to rule in favor of MERS stating that: We clarify, however, that MERS’ status as an “owner of an interest in the indebtedne ss” does not equate to an ownership interest in the note. Rather, as record holder of the mortgage, MERS owned a security lien on the properties , the continued existence of which was contingent upon the satisfacti on of the indebtedne ss. This interest in the indebtedne ss — i.e., the ownership of legal title to a security lien whose existence is wholly contingent on the satisfacti on of the indebtedne ss — authorized MERS to foreclose by advertisem ent under MCL 600.3204(1 )(d). The Democratic Justices, Michael Cavanagh, Diane Hathaway and Marilyn Kelly wanted to keep the case alive in order to hear more arguments. Read the ruling for yourself below: MI Supreme Ruling - Residentia l Funding v Saurman Contrary to what some people may initially think, this is not a devastatin g defeat for the homeowner. This ruling actually makes MERS more vulnerable . MERS’ power according to the Michigan Supreme Court is now limited to being nothing more than an agent for the lender. This role is dictate d in the Pooling and Servicing Agreement (PSA) that governs the Mortgage Backed Security. In other words, it will force the foreclosur e mills into arguments about securities law they do not understand and force them to admit things in court that will damage the credibilit y of their clients. The Supreme Court’s ruling will now allow Michigan attorneys to argue New York Trust law in Michigan foreclosur es case when the loan was pooled into a mortgage backed security on Wall Street. This would essentiall y end a foreclosur e mill’s ability argue Livonia Property Holdings, L.L.C., v. 12840- 12976 Farmington Road Holdings, L.L.C. A ruling they like to invoke in order to convince a judge the homeowner lacks standing to question assignment s. The ruling also raises a very interestin g question. If “pursuant to MCL 600.3204(1 )(d), MERS is ‘the owner . . . of an interest in the indebtedne ss secured by the mortgage,’ ” then what becomes of MERS’ capacity and legal right to act as mortgagee (in its capacity as nominee for lender and lender’s successors and assigns) under this statute when the only power MERS really ever had per the “law or custom” limitation s in the mortgage (with the “law” in play being the PSA), expires or is terminated stated in the PSA or a bankruptcy ? If I seem a bit overjoyed about this ruling, its because the Michigan Supreme Court just made things easier for the homeowner to drag out the foreclosur e process and increased the chance of getting their notes dismissed. Think about this, if “only the record holder of the mortgage has the power to foreclose” then a showing must be made by analyzing the mortgage documents and the PSA to show MERS is not the “undispute d record holder of a mortgage” at the time of the foreclosur e and no longer possesses the statutory authority to foreclose. Basically what the justices did was validate H endricks v. USBank. "If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” -- Samuel Adams -- Top • Page Up • Full Thread • Page Down • Bottom/Latest |
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