If were trading in the market and MERS was a public company I’d be shorting the stock. This release from R.K. Arnold does nothing more than admit the problem and his response is “say it isn’t so!”

My speculation is that the reason for this release is that companies that were paying their fees are changing their minds and distancing themselves from the whole MERS setup. At the very least, they are reconsidering their options — or at least that is what I would do if I were in the position of the banks and pretender lenders. The mere presence of MERS is indicative of the flaws and defects in title. If MERS is there, the problem is there and in my opinion it can’t be fixed. The “securitization” documents, the Internal revenue Code, state law and common law all run against the contention that MERS was a proper vehicle for evading recording requirements and fees. In my opinion it was also a shield for tax evasion, and a vehicle for “plausible deniability.”

8 Responses

  1. leapfrog,

    Depends on how Wells is being named – that is, in what capacity (trustee, servicer, etc.). If in capacity of trustee – they probably do not even know they are being named. Someone else is naming them – so, in their mind – “we did nothing wrong” – i.e. – someone else is – or did – wrong.

  2. Anyone know why Wells is still in denial about any fraud? Aren’t they the ones with Herman John Kennerty? Idiots!

  3. I don’t think Mr. Arnold is reviewing the same cases that are being posted on these blogs.

    The banks can’t afford all the lawsuits. The Ibanez case, the property is what, $150,000? The most recent case posted here is full banks and MERS. I would think at some point it’s no longer worth the cost, but then the real loss is if they loose the case. A lost case provides case law that is not in their favor.


  4. This has severe implications for the entire mortgage loan industry insofar as proving agency. All MERS agents need to be sued in their “official capacity” as “Vice Presidents” or “Assistant Secretaries” of MERS. This means they all have to hire their own lawyers.

    You want to see whistles blow! These people will start singing like canaries. Here comes the feeding frenzy!

    I will be posting an updated report on shortly.

  5. You gotta love this headline Mers-Ka-Boom

    Enjoy everyone !!
    We can all use some laughter.

  6. MERS was a bad idea from the start. A couple of Wall Street bankers and attys decided they would get “real smart” and go around the end zone on recording fees with the counties the real properties were to be officially recorded in. If you think that is the only “fee” they went around the end zone on, you would be mistaken. I totally agree that there is tax evasion as part of this. Also, there are many violations of law here. How did this get started? Can we trace it down to ground zero? Anyway, we off Quiet Title actions for a very reasonable cost against AHMSI/Option One. We also offer a Motion to Dismiss in judicial foreclosure states. We do not represent you, but you can represent yourself or file our document with the court and obtain your own counsel. You can always represent yourself.

  7. JP Morgan has exited MERS

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