HARBINGER ANALYTICS GROUP REAL ESTATE FRAUD EXPERTS:
David E. Woolley is the author of the attached white paper. Mr. Woolley is a California Licensed
Land Surveyor and Certified Fraud Examiner with over 24 years of experience and is the
principal in Harbinger Analytics Group:
“Thanks to the Mortgage Electronic Registry System’s (“MERS”) failure to accurately complete and/or publically record property conveyances in the frenzy of banks securitizing home loans and in subsequent foreclosure actions,1 neighbors to a foreclosed property (with a sequential conveyance) as well as the foreclosed property itself will have unclear boundaries and clouded/unmarketable titles making it difficult, if not impossible, for these homeowners to sell their properties and for subsequent purchasers to obtain title insurance on that property. MERS now keeps electronic records on about half of the home mortgages in the United States.
Many problems with MERS and the home loan securitization process have been reported in print media (countless articles), in movies (the Inside Job) and on television (most recently on the April 3, 2011 edition of 60 Minutes). Academic professors such as Christopher L. Peterson of the University of Utah, S.J. Quincy College of Law, have written extensively on what is wrong with MERS.
Courts have ruled against MERS’ standing to foreclose and have criticized the MERS model as being flawed, wholly inaccurate and not allowing homeowners to fight foreclosures because it shields the true owner of a mortgage in public records.5 States Attorneys’ General and federal bank regulators are investigating MERS practices including fraudulently robo-signing and back dating missing documents. A few County Registrars of Deeds are claiming that they are owed millions of dollars in lost revenue from mortgage assignment transfers that were not recorded because MERS was listed as the mortgagee in public land records.
Full PDF after the jump . . .
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