Figures my comment would be voted down. Most people in here aren’t looking for reality, just to tow the party line.
Predatory lending is mostly hype, driven by those who want to keep the eye off the ball. The higher risk market is a market, like it or not. And its a lucrative one when done right, with proper oversight to ensure lenders maintain sufficient capital from their increased profits (driven by increased interest rates) to cover the NATURALLY higher rate of default.
Naturally higher rate of default? uhhhh yea….duh.
That’s why its called high risk. You people are buying into the Nancy Pelosi Harry Reid nonsense of NO RISK lending.
High risk lending is how new businesses are formed, and they fuel development, meaning work, jobs, for tens of millions of people. Those jobs feed families. Families who right now are on food stamps, while you people talk about extending their welfare.
They don’t need welfare.
They need JOBS.
They want JOBS.
Most Americans want to work, but the jobs aren’t there. Because when builders can’t build, because buyers can’t buy, then workers can’t work. Period. And I’m not just talking about construction workers here. I’m talking about the independent owner operator who does long hauls of building materials. Or the guy who got hired on at the truck tire factory because more trucks are on the road. And the girl at home depot ringing up that new hot water heater you just bought because you’re upgrading your home to energy efficiency, or the guy who works at the roofing shingle factory, or the guy who drives the roach coach there each day because the factory’s open and doing a booming business, or the real estate lady, or the girl at the title company, or the landscaper, or home appraiser, who has more work than he can handle, or the local city govt hiring on 20 new pot hole fillers because their coffers are so full from the real estate sales taxes, to the guy working at the railroad that ships all that nice new lumber for all those homes going up for all those people buying them, to the cashier who got the extra shifts because business was so good at the local truck stop, to the….
There is no end to the jobs that were supported by our booming housing market. Alan Greenspan testified before Congress that the tent pole of our economy that was propping it up, was the housing market. He WARNED against letting it falter. Hell he wrote it in his book.
But no one listened.
Just like no one listens in here.
Because you’re too f$#king stupid, or too f#$king pompous, or too fuA#king something, because no one learned a damn thing.
No one got it. No one gets it.
Greenspan got it.
And so did Nancy Pelosi. And she USED it.
And it worked.
And now, all we have is a country full of dumbFa#4ks, running their mouths about things they read about on google. They don’t KNOW first hand, which by the way is the only reason I know.
I’m not smarter than anyone else and don’t claim to be. I just had first hand knowledge because it directly impacted me when it happened. And when my Mortgage broker called me the day Pelosi announced her “hearings” to “CLAMP DOWN ON LENDING”, and told me the money’s all frozen and the underwriters have stopped underwriting, thats when I SAW it happen, in real time.
Not some bs nonsense I’m regurgitating from google to try to sound erudite on a subject I know nothing about. No sir. First hand insider knowledge. The loans that were fine one day, were gone the next. And MILLIONS of developers were left holding properties, they could not sell.
Because suddenly there were no more mortgages for people to buy them with.
So go on, vote this one down too sheeple. Don’t let the truth stand in the way of your partisan pompousness. Just vote away. Might as well, because you vote the away the country just as easy.
I am a retired lawyer and cannot offer legal advice and my field was not Secured Transactions, but I can do research and give you the info freely available on the web. For starters:
This is from the MERS website regarding how they handle foreclosure:
Mortgage Electronic Registration Systems, Inc. (“MERS”) is a proper party that can lawfully foreclose as the mortgagee and note-holder of a mortgage loan. MERS Membership Rule 8 provides required guidelines that must be followed when MERS is the foreclosing entity. Please click here to access the Rules of Membership, and reference the Rule 8 requirements.
In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS.
http://www.mersinc.org/Foreclosures/index.aspx
Notice how MERS acknowledges that only the holder of the note and the assigned mortgagee will it foreclose. They know they need both. They want the note in blank so that it remains a bearer instrument: “… when the endorsement is “in blank” – then only the party with actual possession of the note can be paid on it. Essentially, “in blank” is like turning the note into cash and so only the person with the cash in hand can spend it. [See California Commercial Code Section 3205].”
http://aforeclosurealternative.com/?p=439
The note is the key; without the note all else fails. The note is the obligation; not the mortgage. And ONLY the entity that has the note can enforce the note. These blank bearer notes can be a problem because it isliving document. Anyone who finds it can sue to enforce it. Here is the actual rule that MERS uses for foreclosures:
RULE 8
FORECLOSURE
Section 1. (a) With respect to each mortgage loan for which Mortgage Electronic
Registration Systems, Inc. is the mortgagee of record, the beneficial owner of such mortgage loan
or its servicer shall determine whether foreclosure proceedings with respect to such mortgage
loan shall be conducted in the name of Mortgage Electronic Registration Systems, Inc., the name
of the servicer, or the name of a different party to be designated by the beneficial owner.
(b) The Member servicing a mortgage loan registered on the MERS
System shall be responsible for processing foreclosures in accordance with the applicable
agreements between such Member and the beneficial owner of such mortgage loan.
(c) In the State of Florida, the authority to conduct foreclosures in the
name of MERS granted to a Member’s Certifying Officers under Paragraph Three of the
Member’s MERS Corporate Resolution is revoked. Effective June 1, 2006, the Member shall be
sanctioned $10,000.00 per violation for commencing a foreclosure in Florida in the name of
MERS.
(d) In the event that the beneficial owner or its designated servicer
determines that foreclosure proceedings shall be conducted in the name of a party other than
Mortgage Electronic Registration Systems, Inc., the servicer designated on the MERS® System
shall cause to be made an assignment of the mortgage from Mortgage Electronic Registration
Systems, Inc. to the person designated by the beneficial owner, and such beneficial owner shall
pay all recording costs in connection therewith.
Section 2: (a) If a Member chooses to conduct foreclosures in the
name of Mortgage Electronic Registration Systems, Inc., the note must be endorsed in blank and
in possession of one of the Member’s MERS certifying officers. If the investor so allows, then
MERS can be designated as the note-holder.
vJune2009
26
(i) The Member shall not plead MERS as the note-owner in
any foreclosure document; including but not limited to, the
foreclosure complaint.
(ii) The Member shall not plead MERS as a co-plaintiff in a
foreclosure action.
(iii) If the note is lost or cannot be located, the Member shall not
commence a foreclosure action in the name of MERS, but rather
must assign the mortgage out of MERS.
(b) In non-judicial foreclosure states, if the Member chooses to foreclose
in MERS name under the power of sale provision in the security instrument and is not seeking a
deficiency judgment, then the note does not need to be in the possession of the Member’s MERS
Certifying Officer when commencing the foreclosure action; provided, however, that under no
circumstances may the Member allege that the note is in their possession unless it so possesses.
(c) If the Member pleads MERS as the note-owner or as a co-plaintiff or
commences a foreclosure in the name of MERS when the note is lost or cannot be located, it
shall be considered a violation of the MERS Membership Rules and MERS may dismiss such
foreclosure action. Effective June 1, 2006, the Member shall be sanctioned $1,000.00 for the
first violation and $5,000.00 for each subsequent violation of this Rule.
(d) For all foreclosures conducted in the name of MERS, the member
shall take all reasonable and necessary steps to avoid having Mortgage Electronic Registration
Systems, Inc. take title to the applicable property that is the subject of a mortgage loan.
Mortgage Electronic Registration Systems, Inc. shall not be obligated to take title to any property
that is the subject of a mortgage loan; provided, however, that if the Member so requests,
Mortgage Electronic Registration Systems, Inc. may take title at the conclusion of the foreclosure
sale upon prior written consent to the Member from Mortgage Electronic Registration Systems,
Inc. If title is taken in the name of Mortgage Electronic Registration Systems, Inc., the Member
vJune2009
27
shall take all necessary and reasonable steps to remove Mortgage Electronic Registration
Systems, Inc. from title as soon as possible.
(e) If title is put into Mortgage Electronic Registration Systems, Inc.’s name and
there is a violation of state, county or city codes or any other applicable regulation; including, but
not limited to, non-payment of tax bills, the Member shall be responsible to promptly take all
necessary action to prevent fines or judgments from being entered against MERS. If the Member
fails to do so, MERS may take such action and will sanction the member for all costs and
expenses; including, but not limited to, attorney fees.
Actual physical possession is quite critical. Now, the note may become ‘lost’ or ‘destroyed’ but that raises other issues. Mers handles it this way:
MERS rules don’t allow members to submit lost-note affidavits in place of mortgage notes, said R.K. Arnold, the company’s CEO.
“A lot of companies say the note is lost when it’s highly unlikely the note is lost,” Arnold said. “Saying a note is lost when it’s not really lost is wrong.”
The usual way to get around the lost note is via affidavit by the party seeking to enforce the note that after due diligence the ORIGINAL note cannot be found and attached is a certified COPY. Of course, that begs the question of how do you produce a copy when you say you lost the original? Moreover, who goes around losing original notes for hundreds of thousands of dollars (or more) of debt?
So you can see why production of the original note is so important.
<b>News</b> Article “ « Climate Science: Roger Pielke Sr.
October 26, 2010...2:01 pm. News Article “. There was a news article today in the Boulder Camera by Laura Snider titled. Boulder scientists: Space tourism could contribute to climate change. The article includes the text ...
<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>
"They're still good friends," an insider tells the new Us Weekly.
Google donates $5 million for <b>news</b> innovation to Knight Foundation <b>...</b>
Google and news organizations have had a rocky time of it. To overdramatize the situation only slightly: Google insists that it cares about journalism as a.
bench craft company complaints
bench craft company complaints
<b>News</b> Article “ « Climate Science: Roger Pielke Sr.
October 26, 2010...2:01 pm. News Article “. There was a news article today in the Boulder Camera by Laura Snider titled. Boulder scientists: Space tourism could contribute to climate change. The article includes the text ...
<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>
"They're still good friends," an insider tells the new Us Weekly.
Google donates $5 million for <b>news</b> innovation to Knight Foundation <b>...</b>
Google and news organizations have had a rocky time of it. To overdramatize the situation only slightly: Google insists that it cares about journalism as a.
bench craft company complaints bench craft company complaints
Figures my comment would be voted down. Most people in here aren’t looking for reality, just to tow the party line.
Predatory lending is mostly hype, driven by those who want to keep the eye off the ball. The higher risk market is a market, like it or not. And its a lucrative one when done right, with proper oversight to ensure lenders maintain sufficient capital from their increased profits (driven by increased interest rates) to cover the NATURALLY higher rate of default.
Naturally higher rate of default? uhhhh yea….duh.
That’s why its called high risk. You people are buying into the Nancy Pelosi Harry Reid nonsense of NO RISK lending.
High risk lending is how new businesses are formed, and they fuel development, meaning work, jobs, for tens of millions of people. Those jobs feed families. Families who right now are on food stamps, while you people talk about extending their welfare.
They don’t need welfare.
They need JOBS.
They want JOBS.
Most Americans want to work, but the jobs aren’t there. Because when builders can’t build, because buyers can’t buy, then workers can’t work. Period. And I’m not just talking about construction workers here. I’m talking about the independent owner operator who does long hauls of building materials. Or the guy who got hired on at the truck tire factory because more trucks are on the road. And the girl at home depot ringing up that new hot water heater you just bought because you’re upgrading your home to energy efficiency, or the guy who works at the roofing shingle factory, or the guy who drives the roach coach there each day because the factory’s open and doing a booming business, or the real estate lady, or the girl at the title company, or the landscaper, or home appraiser, who has more work than he can handle, or the local city govt hiring on 20 new pot hole fillers because their coffers are so full from the real estate sales taxes, to the guy working at the railroad that ships all that nice new lumber for all those homes going up for all those people buying them, to the cashier who got the extra shifts because business was so good at the local truck stop, to the….
There is no end to the jobs that were supported by our booming housing market. Alan Greenspan testified before Congress that the tent pole of our economy that was propping it up, was the housing market. He WARNED against letting it falter. Hell he wrote it in his book.
But no one listened.
Just like no one listens in here.
Because you’re too f$#king stupid, or too f#$king pompous, or too fuA#king something, because no one learned a damn thing.
No one got it. No one gets it.
Greenspan got it.
And so did Nancy Pelosi. And she USED it.
And it worked.
And now, all we have is a country full of dumbFa#4ks, running their mouths about things they read about on google. They don’t KNOW first hand, which by the way is the only reason I know.
I’m not smarter than anyone else and don’t claim to be. I just had first hand knowledge because it directly impacted me when it happened. And when my Mortgage broker called me the day Pelosi announced her “hearings” to “CLAMP DOWN ON LENDING”, and told me the money’s all frozen and the underwriters have stopped underwriting, thats when I SAW it happen, in real time.
Not some bs nonsense I’m regurgitating from google to try to sound erudite on a subject I know nothing about. No sir. First hand insider knowledge. The loans that were fine one day, were gone the next. And MILLIONS of developers were left holding properties, they could not sell.
Because suddenly there were no more mortgages for people to buy them with.
So go on, vote this one down too sheeple. Don’t let the truth stand in the way of your partisan pompousness. Just vote away. Might as well, because you vote the away the country just as easy.
I am a retired lawyer and cannot offer legal advice and my field was not Secured Transactions, but I can do research and give you the info freely available on the web. For starters:
This is from the MERS website regarding how they handle foreclosure:
Mortgage Electronic Registration Systems, Inc. (“MERS”) is a proper party that can lawfully foreclose as the mortgagee and note-holder of a mortgage loan. MERS Membership Rule 8 provides required guidelines that must be followed when MERS is the foreclosing entity. Please click here to access the Rules of Membership, and reference the Rule 8 requirements.
In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS.
http://www.mersinc.org/Foreclosures/index.aspx
Notice how MERS acknowledges that only the holder of the note and the assigned mortgagee will it foreclose. They know they need both. They want the note in blank so that it remains a bearer instrument: “… when the endorsement is “in blank” – then only the party with actual possession of the note can be paid on it. Essentially, “in blank” is like turning the note into cash and so only the person with the cash in hand can spend it. [See California Commercial Code Section 3205].”
http://aforeclosurealternative.com/?p=439
The note is the key; without the note all else fails. The note is the obligation; not the mortgage. And ONLY the entity that has the note can enforce the note. These blank bearer notes can be a problem because it isliving document. Anyone who finds it can sue to enforce it. Here is the actual rule that MERS uses for foreclosures:
RULE 8
FORECLOSURE
Section 1. (a) With respect to each mortgage loan for which Mortgage Electronic
Registration Systems, Inc. is the mortgagee of record, the beneficial owner of such mortgage loan
or its servicer shall determine whether foreclosure proceedings with respect to such mortgage
loan shall be conducted in the name of Mortgage Electronic Registration Systems, Inc., the name
of the servicer, or the name of a different party to be designated by the beneficial owner.
(b) The Member servicing a mortgage loan registered on the MERS
System shall be responsible for processing foreclosures in accordance with the applicable
agreements between such Member and the beneficial owner of such mortgage loan.
(c) In the State of Florida, the authority to conduct foreclosures in the
name of MERS granted to a Member’s Certifying Officers under Paragraph Three of the
Member’s MERS Corporate Resolution is revoked. Effective June 1, 2006, the Member shall be
sanctioned $10,000.00 per violation for commencing a foreclosure in Florida in the name of
MERS.
(d) In the event that the beneficial owner or its designated servicer
determines that foreclosure proceedings shall be conducted in the name of a party other than
Mortgage Electronic Registration Systems, Inc., the servicer designated on the MERS® System
shall cause to be made an assignment of the mortgage from Mortgage Electronic Registration
Systems, Inc. to the person designated by the beneficial owner, and such beneficial owner shall
pay all recording costs in connection therewith.
Section 2: (a) If a Member chooses to conduct foreclosures in the
name of Mortgage Electronic Registration Systems, Inc., the note must be endorsed in blank and
in possession of one of the Member’s MERS certifying officers. If the investor so allows, then
MERS can be designated as the note-holder.
vJune2009
26
(i) The Member shall not plead MERS as the note-owner in
any foreclosure document; including but not limited to, the
foreclosure complaint.
(ii) The Member shall not plead MERS as a co-plaintiff in a
foreclosure action.
(iii) If the note is lost or cannot be located, the Member shall not
commence a foreclosure action in the name of MERS, but rather
must assign the mortgage out of MERS.
(b) In non-judicial foreclosure states, if the Member chooses to foreclose
in MERS name under the power of sale provision in the security instrument and is not seeking a
deficiency judgment, then the note does not need to be in the possession of the Member’s MERS
Certifying Officer when commencing the foreclosure action; provided, however, that under no
circumstances may the Member allege that the note is in their possession unless it so possesses.
(c) If the Member pleads MERS as the note-owner or as a co-plaintiff or
commences a foreclosure in the name of MERS when the note is lost or cannot be located, it
shall be considered a violation of the MERS Membership Rules and MERS may dismiss such
foreclosure action. Effective June 1, 2006, the Member shall be sanctioned $1,000.00 for the
first violation and $5,000.00 for each subsequent violation of this Rule.
(d) For all foreclosures conducted in the name of MERS, the member
shall take all reasonable and necessary steps to avoid having Mortgage Electronic Registration
Systems, Inc. take title to the applicable property that is the subject of a mortgage loan.
Mortgage Electronic Registration Systems, Inc. shall not be obligated to take title to any property
that is the subject of a mortgage loan; provided, however, that if the Member so requests,
Mortgage Electronic Registration Systems, Inc. may take title at the conclusion of the foreclosure
sale upon prior written consent to the Member from Mortgage Electronic Registration Systems,
Inc. If title is taken in the name of Mortgage Electronic Registration Systems, Inc., the Member
vJune2009
27
shall take all necessary and reasonable steps to remove Mortgage Electronic Registration
Systems, Inc. from title as soon as possible.
(e) If title is put into Mortgage Electronic Registration Systems, Inc.’s name and
there is a violation of state, county or city codes or any other applicable regulation; including, but
not limited to, non-payment of tax bills, the Member shall be responsible to promptly take all
necessary action to prevent fines or judgments from being entered against MERS. If the Member
fails to do so, MERS may take such action and will sanction the member for all costs and
expenses; including, but not limited to, attorney fees.
Actual physical possession is quite critical. Now, the note may become ‘lost’ or ‘destroyed’ but that raises other issues. Mers handles it this way:
MERS rules don’t allow members to submit lost-note affidavits in place of mortgage notes, said R.K. Arnold, the company’s CEO.
“A lot of companies say the note is lost when it’s highly unlikely the note is lost,” Arnold said. “Saying a note is lost when it’s not really lost is wrong.”
The usual way to get around the lost note is via affidavit by the party seeking to enforce the note that after due diligence the ORIGINAL note cannot be found and attached is a certified COPY. Of course, that begs the question of how do you produce a copy when you say you lost the original? Moreover, who goes around losing original notes for hundreds of thousands of dollars (or more) of debt?
So you can see why production of the original note is so important.
bench craft company complaints
<b>News</b> Article “ « Climate Science: Roger Pielke Sr.
October 26, 2010...2:01 pm. News Article “. There was a news article today in the Boulder Camera by Laura Snider titled. Boulder scientists: Space tourism could contribute to climate change. The article includes the text ...
<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>
"They're still good friends," an insider tells the new Us Weekly.
Google donates $5 million for <b>news</b> innovation to Knight Foundation <b>...</b>
Google and news organizations have had a rocky time of it. To overdramatize the situation only slightly: Google insists that it cares about journalism as a.
bench craft company complaints bench craft company complaints
<b>News</b> Article “ « Climate Science: Roger Pielke Sr.
October 26, 2010...2:01 pm. News Article “. There was a news article today in the Boulder Camera by Laura Snider titled. Boulder scientists: Space tourism could contribute to climate change. The article includes the text ...
<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>
"They're still good friends," an insider tells the new Us Weekly.
Google donates $5 million for <b>news</b> innovation to Knight Foundation <b>...</b>
Google and news organizations have had a rocky time of it. To overdramatize the situation only slightly: Google insists that it cares about journalism as a.
bench craft company complaints bench craft company complaints
<b>News</b> Article “ « Climate Science: Roger Pielke Sr.
October 26, 2010...2:01 pm. News Article “. There was a news article today in the Boulder Camera by Laura Snider titled. Boulder scientists: Space tourism could contribute to climate change. The article includes the text ...
<b>News</b> - Rep: Blake Lively, Penn Badgley Split! - Celebrity <b>News</b> <b>...</b>
"They're still good friends," an insider tells the new Us Weekly.
Google donates $5 million for <b>news</b> innovation to Knight Foundation <b>...</b>
Google and news organizations have had a rocky time of it. To overdramatize the situation only slightly: Google insists that it cares about journalism as a.
bench craft company complaints bench craft company complaints
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