(BREAKING NEWS, OP-ED) —
Consent Order Terminations were issued this past week by the five federal agencies that imposed them on MERSCORP Holdings, Inc. (f/k/a MERSCORP, Inc.), its baby bastard child, Mortgage Electronic Registration Systems, Inc. and Servicelink Holdings, LLC, as successor to Lender Processing Services, Inc., DOCX, LLC and LPS Default Solutions, Inc., entities that were connected to multiple robosigning scandals that were exposed in the wake of the 2008 financial crash.
You may recall that DOCX’s President, Lorraine M. Brown, was sentenced to five years in Club Fed for her role in orchestrating the alleged phony document recordings in concert with lenders and servicers all across America that affected the chains of titles to millions of pieces of real property.
Conveniently, Fidelity National Financial (FNF) spun off its affiliation with the foregoing robomills before the SHTF and the April 13, 2011 Consent Orders were issued by the Office of the Comptroller of the Currency (OCC); the Federal Reserve’s Board of Governors (FED); the Federal Housing Finance Agency (FHFA); the Federal Deposit Insurance Corporation (FDIC); and the Office of Thrift Supervision (OTS).
Read ’em and weep … because our government is in bed with the banks and with the “changing of the tide” in DC, the current administration has let loose of these entities, claiming they are in “compliance” with the previously-issued Orders. What a joke! The MERS® System has not changed one iota. MERSCORP Holdings, Inc. is STILL the Electronic Agent in all securitization transactions where Mortgage Electronic Registration Systems, Inc. has positioned itself to be a “nominee” and “beneficiary” for the Lender, setting up an agency relationship that mortgage loan borrowers have no idea was created; how the agency relationship was created; and the terms and definitions the borrowers agreed to. All of this was never stated on the mortgage loan documents (security instruments), so how then can a borrower give either “MERS” or Mortgage Electronic Registration Systems, Inc. (which is NOT “MERS”) permission to set up an agency relationship as an Electronic Agent for anyone when they don’t have all of the listed details?
Further, robosigning still continues, despite revelations in document examinations of the public records in Southern Essex County, Massachusetts; Williamson County, Texas; Guilford County, North Carolina; Seattle, Washington; Osceola County, Florida; Multnomah County, Oregon and certain counties in Southeastern Pennsylvania. To date, Multnomah County, Oregon is the only entity that has collected sums from MERS and its user-subscribers it has contractual relationships with, wherein MERS (which means MERSCORP Holdings, Inc.), is the Electronic Agent ($9-million) in suspect transactions raised by local officials there.
WHAT DOES THIS MEAN FOR YOU?
If the Consent Order has been terminated, it means (in part):
- Mortgage Electronic Registration Systems, Inc. no longer has to report to the five federal agencies for anything;
- MERSCORP no longer has to notify the feds when someone sues it or one of its members; and
- That its business as usual in getting away with claiming that robosigners can continue to do what they’re doing and cause the land records across America to continue to be plagued with false and misrepresentative documents.
IT ALSO MEANS:
- The title companies are still going to “write around” the defects created by these documents, which means
- Your title polices (Homeowner’s Indemnity Policies) still aren’t worth the paper they’re printed on!
IT FURTHER MEANS:
- The U. S. Government is still “in bed with the banks”; and
- As long as we keep allowing this bulls**t to continue … the land records will continue to become even more tainted to the point where property ownership will be so diluted with errors, having a county recorder to monitor “crime scenes” will become superfluous and redundant.
SAY “NO” TO MERS MORTGAGES!
I am still of the opinion that “once tainted, always tainted”, when it comes to MERS and Mortgage Electronic Registration Systems, Inc. showing up in any property’s chain of title unless that title is “quieted” in a court of law and equity. Due diligence will prevent you from falling into this trap. The land records belong to you … use them religiously!