DALLAS D.A. CONSIDERS SUIT AGAINST MERS — MORE TO COME

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District Attorney Craig Watkins to Explore Possible Claims against Mortgage Electronic Registration Systems, Inc.

Posted by shawnpwilliams on Aug 9th, 2011

Dallas South News Wire (Dallas County District Attorney’s Office)

Today Dallas County District Attorney (DA) Craig Watkins announced that the DA’s office is considering asserting claims against Mortgage Electronic Registration Systems, Inc. (MERS) for the possible loss of millions in revenues to Dallas County.

MERS, a subsidiary of MERSCORP, Inc., was established and is owned by banks and members of the mortgage finance industry.  MERS was established to act as a shadow recording system for the millions of mortgages in the United States and facilitate the buying and selling of mortgage rights as commodities.

There are currently approximately 31 million active residential mortgage loans registered on the MERS System.  Since its inception, MERS has attempted to track more than 60 million mortgages nationwide and more than 250,000 in Dallas County alone.  However, due to the fact that reporting is not always required, the MERS electronic records of mortgages may or may not accurately reflect the millions of transfers of mortgage rights that have occurred over the past several years.

“While the DA’s office is traditionally only thought of as the prosecuting authority for crimes against individuals, in addition to handling those types of cases, we are also responsible for providing legal representation in civil matters such as this issue with MERS where Dallas County is the victim,” said District Attorney Craig Watkins.

“When I learned about this issue, my first reaction was we needed to explore possible remedies for getting MERS to reimburse the estimated tens of millions in uncollected filing fees that are potentially owed to Dallas County.  These possible remedies are in the process of being explored.  This is yet another issue that has gone unaddressed for years that we have discovered, are taking action to correct and put measures in place to prevent it from happening in the future.”

Lenders ordinarily file a record of their rights in the deed records of the county where the property is located.  The county clerk maintains those records as notice to the public of the identity of persons who loaned money for the purchase of the property and who have rights to foreclose upon the property if the loan is not repaid.

For a fee, MERS allows lenders to show MERS as the “beneficiary” of the lender’s rights to the property if the loan is not repaid, even though MERS is not actually the beneficiary.  MERS acts as a placeholder for the lender as to the lender’s mortgage rights, but not the lender’s rights to receive the loan payments.

In that way, the lender is able to sell its rights to receive the loan payments and MERS agrees to protect the purchaser of the loan by remaining on the deed records as the “beneficiary” of the mortgage.  So long as MERS remains on the deed records as the beneficiary, subsequent purchasers can avoid having to file their acquisition of the rights to the loan payments and pay the associated filing fees.

After extensive research on the issue of whether MERS and others acting with it improperly recorded hundreds of thousands of real estate records in Dallas County, and were thereby able to avoid paying filing fees on subsequent transfers of the properties that were involved, it was concluded that MERS and those acting with it have engaged in conduct which wrongfully deprived the citizens of millions of dollars in filing fees on property located in Dallas County.

MERS operates a national electronic registry that tracks beneficial ownership interests and servicing rights associated with residential mortgage loans and any transfer of or changes in those interests or rights.  There are approximately 5,000 participating members of MERS, of which 3,000 are residential mortgage servicers.

Members register loans and may report transfers, foreclosures, and other changes to the status of residential mortgage loans on the MERS System.  However, there is no requirement that all changes or transfers be reported to MERS.

66 Responses

  1. A good video on this situation that has caused ALL our problems with the foreclosure frauds is a documentary called THRIVE. Only seen online….at http://www.thrivemovement.com/#.

    Well worth the $5 to rent the movie.

    There is some very shocking true information in this video. It keeps getting taken down from youtube

    “The cancer stage of capitalism is not a metaphor.
    It is a rigorous description of where we are.” The current financial
    stripping of economies and environments across the world exhibits, in
    fact, all the hallmark characteristics of a carcinogenic invasion. As
    on the cellular level, an uncontrolled rogue sequence of reproduction
    invades and self-multiplies across social borders with no committed
    function to life-hosts. As on the cellular level, the cancer advances
    by not being recognized by surrounding life communities. —John
    McMurtry, Professor of philosophy at the University of Guelph, in Economic Reform, Vol. 11, Number 3, March 1999

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  3. California Civil Code Section 2932.5

    Where a power to sell real property is given to a mortgagee, or other encumbrancer, in an instrument intended to secure
    the payment of money, the power is part of the security and vests in
    any person who by assignment becomes entitled to payment of the
    money secured by the instrument. The power of sale may be exercised
    by the assignee IF the assignment is duly acknowledged and RECORDED.

  4. CALIFORNIA – Punitive Damages: In an action for breach of an obligation not arising from contract, where it is proven by clear and convincing evidence that a person has been guilty of oppression, fraud, or malice, the plaintiff, in addition to recovering actual damages, may also recover punitive or exemplary damages. [Civ. Code §3294(a)] The plaintiff must establish the basis for recovery of punitive damages by clear and convincing evidence. [Civ. Code §3294(a)] Thus, punitive damages are generally not recoverable for breach of contract, no matter how willful or malicious, except where the wrongful act is also a tort such as actual fraud [Civ. Code §1572] or deceit [Civ. Code §§1709, 1710].

    Link to discussion of “tort law” which varies from state to state:
    http://legal-dictionary.thefreedictionary.com/Tort+Law

  5. CALIFORNIA CIVIL CODE 2923.1.
    (a) A mortgage broker providing mortgage brokerage services
    to a borrower is the fiduciary of the borrower, and any violation of
    the broker’s fiduciary duties shall be a violation of the mortgage
    broker’s license law. This fiduciary duty includes a requirement that
    the mortgage broker place the economic interest of the borrower
    ahead of his or her own economic interest. A mortgage broker who
    provides mortgage brokerage services to the borrower owes this
    fiduciary duty to the borrower regardless of whether the mortgage
    broker is acting as an agent for any other party in connection with
    the residential mortgage loan transaction.

  6. CALIFORNIA CIVIL CODE SECTION 2920
    2920. (a) A mortgage is a contract by which specific property,
    including an estate for years in real property, is hypothecated for
    the performance of an act, without the necessity of a change of
    possession.
    (b) For purposes of Sections 2924 to 2924h, inclusive, “mortgage”
    also means any security device or instrument, OTHER THAN A DEED
    OF TRUST, that confers a power of sale affecting real property or an
    estate for years therein, to be exercised after breach of the
    obligation so secured, including a real property sales contract, as
    defined in Section 2985, which contains such a provision.

  7. When a statute says that an unrecorded instrument is binding on the parties thereto, as to an assignment, this means in my lay opinion, it is binding on the assignor and assignee. When that same or another statute says unrecorded docs are not binding on third parties, in the case of an
    assignment, ‘third party’ means the homeowner/borrower or anyone else with no notice of its existence. Instruments affecting an interest in real property must generally be noticed, and notice is generally achieved by
    recordation.

  8. @Ian – sorry – NRS is Nevada Revised Statutes. ALL states have recording laws and laws about powers of attorney. When joe blow of abc signs for xyz trustee, he must be doing so by a power of attorney or other agency agreement. We need to get with the program and start digging out and posting these statutes and taking them right into court with us. If people will find their states and post them here, I will make them into a collection.

  9. johngault- I see that your first post on recording statutes was under Texas law. The last two, NRS signifies…..? National Recordation Statutes? They seem pretty ironclad- no recording, no standing. I take it that ‘third party’ means anyone who has nothing recorded in their name in the land records is SOL? thanks for all your research.

  10. NRS 162A.480(2) Real Property

    Every power of attorney, or other instrument in writing, containing the power to convey any real property as agent or attorney for the owner thereof, or to execute, as agent or attorney for another, any conveyance whereby any real property is conveyed, or MAY BE AFFECTED, must be RECORDED as other conveyances whereby real property is conveyed or affected are required to be recorded.

  11. NRS 162A.230 Validity of power of attorney.

    “……………… An agent shall furnish
    an affidavit to a third party on demand
    stating that the instrument relied on is a true copy of the power of attorney and that, to the best of the agent’s knowledge, the principal is alive and the relevant powers of the agent have not been altered or terminated.
    (Added to NRS by 2009, 176)

    NRS 162A.330 Judicial relief.
    1. The following persons may petition a court to construe a power of attorney or review the agent’s conduct, and grant appropriate relief:

    (h) A person asked to accept the power of attorney;

  12. TEX PB. CODE ANN. § 489 : Texas Statutes – Section 489: RECORDING DURABLE

    POWER OF ATTORNEY FOR REAL PROPERTY TRANSACTIONS

    Section 489: RECORDING

    DURABLE POWER OF ATTORNEY FOR REAL PROPERTY TRANSACTIONS

    A durable power of attorney for a real property transaction requiring the
    execution and delivery of an instrument that is to be recorded, including a
    release, assignment, satisfaction, mortgage, security agreement, deed of
    trust, encumbrance, deed of conveyance, oil, gas, or other mineral lease,
    memorandum of a lease, lien, or other claim or right to real property, shall
    be recorded in the office of the county clerk of the county in which the
    property is located.

    Added by Acts 1993, 73rd Leg., ch. 49, Sec. 1, eff. Sept. 1, 1993.
    This statute does not say the documents listed are exhaustive, only includes them.

  13. This is interesting: in Texas (and maybe true everywhere):

    “For public policy reasons, having a financial or beneficial
    interest in a transaction disqualifies notaries from taking
    acknowledgments.”

    This says to me that when ALS, say, has its own employee wearing a MERS’ straw officer hat execute an assignment to Aurora, another ALS’ employee shouldn’t be doing the notary.

    Fyi, Texas is a title-theory state, in which case a dot transfers legal title to the real estate.

  14. @tnharry – so I decided to look into Texas recordation statutes. So far in about 10 seconds I found that in Texas recordation imparts notice of a deed’s contents but does not validate an othewise invalid deed (which reminds me that while judicial notice may be taken of public record, such
    notice does not give rise to the validity of the document).
    The same principle would be true for an assignment of a dot – recordation does not validity make and this seems a place to start in arguing an
    a to d, or any, assignment. In other words, I guess you might say an
    assignment should lose any prima facie value upon objection. I can assign my neighbor’s dot to me, record the assignment, but it’s no good. It’s also a crime to do so. I would faint if every state does not have a statute which makes it a misdemeanor or felony to record a false interest in real property or any false document. Nevada has several as I recall. These bs assignments are not only invalid, they are literally criminal.
    It would be helpful if everyone would check thoroughly their own states laws in regard to recordation and penalties for filing false instruments and post them here.

  15. @johngault.

    yes. With interest rates very low, then interest one gets in savings is very low or practically nothing, story line is better return in stocks/bonds – 401ks, ira,s scott trade accounts, etc.

    With low interest rates = money to borrow cuz it’s cheap, thus more money is created to fund consumer purchases and thus company earnings go up and round and round it goes. We have a debt based money system, the debt must always go up, to create more money to pay principle and interest.

    So some of this debt money goes into stocks. Stocks go up and down, but the folks running the show always make their fees on the way up and on the way down for stocks. They are a toll booth.

    If they raised interest rates, then interest you get in a regular savings account will go up, depends how much President Bernacki raises rates, but if he raises interest rates to lets say you get 5% interest on your savings account, people would start pulling money from stocks and back into a regular savings account = less fees & money for wall street.

    But, President Bernacki has just said he will keep interest rates low for another two years. They want time to go by.

  16. @NancyDrewe – I can’t make sense of all that – wish I could. But, it occurs to me they want to change their system to not only dump MERS, but to give new identification numbers to any (alleged) real owner of the notes, as in not some trustee for a trust, which is what MERS database is using since June of 2010. The trustee is described as the “investor” (now) in MERS’ records.
    But I can say this fwiw – if I remember correctly, the property was always referred to as the collateral and the borrower’s ‘stuff’ was referred to as the ‘credit package”. Underwriters approve loans based on the collateral package, made up of the appraisal and the title report and they once included surveys in some areas, and the credit package, made up of the borrower’s info. I think that stuff refers to new procedures for appraisal integration into a new system when it refers to collateral, but dunno. There was once a time before all the scams started when a ‘soft looking’ appraisal would require more scrutiny if the contemplated loan were a high loan to value and or the borrower’s ratios were pushing it.

  17. john gualt

    Significance not MIN# but whats inside of the MIN#
    First 7 digits MIN# for Member
    Significant next 10 digits represents ‘Sales Agreement’ or ‘Purchase Agreement’

    Another 10 Digit# of significance is 10 digit FILE ID No which is the ‘Collateral’ File ID# assigned to transmittal of PDF appraisal report and loan documents’ ‘Collatera’ is purchased. Collateral and Remitters relate to ESCROW which is PRE-FUNDING described in S-3 and S-3/A deposited into first the Seller’s TRUSTEE Corporate Trust Services during ‘origiantion’

    Inside free writing prospectus reference to collateral / loan# c/o INVESTOR ‘FREDDIE MAC for example FWP reports loan#, State, Zipcode that will be incorporated into ‘Issuing Entity’
    aggregators c/o TRUSTEE c/o Master Servicer will deduct from depositor funding c/o ‘Issuing Entity’ pass through agency

    1997 National Registry point of sale for FREDDIE MAC – INVESTOR and loans traded. You can take a MIN# and a File Doc ID and reveal a lot of information IF you had access as an Admin.

  18. @NancyDrewe – that describes or is part of what used to be referred to as FNMA’s Seller-Servicer Guide, the bible for originators of loans headed to FNMA and underwritten to their guidelines/standards. What it looks like to me, significantly, is that MERS min. nos. will no longer be used and that existing loans with MERS min nos. will get new identification numbers, replacing the MERS’ min nos. FNMA is yukking it up about some new
    system which will be used instead of MERS. Will this mean assignments will now be routinely recorded? Got me, but it damn well better and that’s fwiw at this point with our totally messed U.S.A. land/real estate/private property/homeownership records.

  19. Well, shoot. I said that wrong. An assignment of a dot in a title-theory state is an assignment of legal (bare naked) title to real property and that’s why it has to be in writing pursuant to the statute of frauds and must ultimately be noticed by recordation before acted on. NV’s statute 111.315, for instance, is telling the world if you want notice, you must record, that is, nothing other than recordation will provide the necessary notice. One may not act (in this case, take someone’s home) without notice of one’s rights. If there is no notice of the assignment from a to d, then d’s recordation of his assignment is of no value, and the bottom line is it’s unenforceable.

  20. @cubed2 – I see what you’re saying. We became discontent with saving just a hundred dollars and wanted to ‘make that money work for us’. That was the sales pitch and we bought it. So it all became about earnings on savings, aka investments. Little did we know that by market manipulation and possibly other factors, we could and would lose the hundred. But I do think if it hadn’t been for Wall Street crimes, we might not have, whiich brings to mind what I see as the highly manipulated ‘flash crash’ last year. If they can do it once, ……

  21. @tnharry – they have to ultimately be recorded to impart notice, to be effective against any thid party (a party not a party to the assignment).
    So even if MERS could hold the dot in its name in public record for a season so they could move, move, move them among MERS members, when they want to ACT on them (the guy at the end of the line), they all must be recorded at that point. If only the last guy records his, he is probably the d, and they go inappropriately from A to D, leaving a gaping hole in the chain.
    In order for MERS to hold even that public record, MERS may only do so for its members. They must prove each assignee is a member of MERS. If a party in the chain were not a MERS’ member, while ‘notice’ is no more particularly impacted, MERS own rules mandate the assignment to the non-member be recorded in the land records and the loan de-activated from their database because this assignment to any non-member ‘relieves’ MERS of any authority it may claim to have had to do further assignment or anything.

    If unrecorded assignments went from a to d but b is a non-member, that iis the end one way or another of MERS’ alleged authority. MERS may now not execute an assignment for anyone. These assignments must be produced and if “MERS” (read member) is attempting to act for say d, it is critical that they establish no one in the chain was not a MERS member.
    If B is a non-member, the only way this is not true (that MERS is toast) is if B, the non-member, restates MERS in its assignment to C. The MERS status as placeholder must be re-established in that assignment. If not, MERS is gone. (I cannot act for another in a matter which doesn’t concern that other. MERS is not the nominee of non-mebers.) Alternatively, C could have done its own assignment to MERS as placeholder, I suppose.
    None of this was done. There are no assignments from a to d because MERS m.o. overlooked the need for notice and the ultimate
    demand for the chain of title in public records, even if MERS acted as placeholder for its members to obviate recordation as the events occurred among its members. They know this, believe me. But
    they’re all ‘stuck’ for want of those assignments. So the best MERS can do is the mandate they came out with recently telling members to record assignments before foreclosing and put it on hte members to
    make whatever case they can. MERS wants out. But, they’re still liable because they are allowing members yet to hide behind MERS in doing self-assignments in MERS’ name and they know this is skipping the chain of title for the dot’s. MERS own ultimate story is going to be they never told the members to skip the chain.

    Some states still use the ‘mortgage follows the note theory’, and in
    lien states (and a mortgage per se is a lien as far as I know), as opposed to title-theory states, this may be the ticket. I dont’ know nor have i tried to put my head to it. But in title-theory states (again), an assignment of a dot is a transfer of an interest in real property and those must ultimately be noticed.

  22. FREDDIE MAC & FANNIE MAE (GSE) PORTAL
    (CLOUD) Approved Vendor List 7/19/2011
    UNIFORM MORTGAGE DATA PROGRAM
    UNIFORM DATA COLLATERAL

    Definition of a UDC
    Document File ID ‘1100000A2D’
    File Identifer listed inside of CTS-Link Remitter & Collateral Files links Appraisal submissions of Appraiser, Lender, Seller, Purchaster to INVESTOR including both (GSEs) INVESTOR & LENDER & SELLER Loan# documented inside of UDC documents processed via portal by Lender Admistrator and

    eFannieMae . com
    Uniform Collateral Data Portal (UCDP)
    September 1, 2011 effective date for use of Uniform Appraisal Data set (UAD)-compliant forms quickly approaching.

    Appraisal report forms for all conventional mortgage loans delivered to Fannie Mae on or after March 19, 2010 must be submitted to UCDP if:
    – The loan application is dated on or after December 1, 2011, and
    – An appraisal report is required.

    INFORMATION TECHNOLOGISTS UNDERSTAND ‘data’ bases must be updated, tested, for new open system platform development, systems wil run parallel. Major changes underway include dissolution of MERS entity and the National Registry status? of MIN Identifer 18 digits (7 Member ID) 10 Agreement Numeric Identifer -1 Control Prefix insuring unique number.

    UCDP General User Guide discusses new 15 digit numeric placeholder. New number? Unique to FREDDIE/FANNIE/LENDERS/SELLERS?

    Vendor-provided solutions that offer an integrated system interface to UCDP. A list of technology vendors that plan to provide a vendor solution with an integrated system interface to UCDP is provided below. The list will be updated frequently over the next several months as vendors are added.

    FIS – ORIGINATION – GSE Vendor approved Freddie & Fannie

    Loan Syndication and Trading – integrated functional modules that support the lending process from deal building through servicing and trading

    FIS is one of the world’s top-ranked technology providers to the banking industry. With more than 30,000 experts in 100 countries, FIS delivers the most comprehensive range of solutions for the broadest range of financial markets, all with a singular focus: helping you succeed. Every FIS solution has the strength you need for profitability today, and the power to help you manage whatever comes next.

    FIS is part of the S&P 500. FIS has also been named the number one overall financial technology provider in the world by American Banker and Financial Insights (FinTech 100).

    FIS ‘PREFERRED AND ONLY ORIGINATOR’ LISTED AS APPROVED VENDOR OF NEW PROGRAMS. VENDOR LIST BELOW incorporates all of its global subscribers related to real estate industry. ‘EXCLUDES’ Small …’

    Midtier and Large Banking – flexible channel, integration and core solutions to meet every banking need from originations to servicing.

    Uniform Collateral Data Portal (UCDP)
    Solution Providers as of (Vendor/AMC List) July 19, 2011

    -ACI – appraisal . com
    -a la mode, inc. Mercury Network
    -Avista Solutions, inc. – Avista Agile(tm) Loan Origination System (LOS)
    -Bradford Technologies, inc. – Appraisal/World Connection
    -Calyx Software – Point(r) PointCentral(r)
    -CORE LOGIC VALUATION SERVICES – CORE LOGIC APPRAISAL MANAGEMENT SERVICES
    -ELLE MAE, INC. – eNCOMPASS 360(R)
    -FIS – ORIGINATOR
    -Fisserv – EasyAccess & Unlflo Pro Mortgage
    -FNC, Inc. – Collateral Management System (r) (CMS) & Collateral -Headquarters ™ (CHQA)
    -Global DMS, LLC – OASIS Valuation Management Platform & ——–Global Klnex WebServices
    -IBM – Impact Loan Origination System
    -InHouse, Inc – Connexions (AssS&Appraisal Management Services)
    ISGN – Appraisal Services
    -Kirchmeyer & Associates, Inc – Kichmeyer Order Management System
    -RealEC Technologies – RealEC Collaborative Partner Network
    -LenderVend LLC – Appraisal Fufilment Services
    -MortgageFlex System – The Residential Lending System
    -Prime Alliance Solutions – Lending Suite
    -ServiceLink Valuation Solutions, LLC – Vision Integrations, Valuation Products
    -Solidifil – Solidifil Values ™
    -Veros Real Estate Solution – VeroSELECT & Valuation Risk –Management System (VRM) Sapphire (backoffice UCDP)
    -ValuAmerica – ValuNet

    https : // www . efanniemae . com/sf/technology / commitloandel / ucdp / pdf / ucdpvendorlist . pdf

    Data and open system platform changed economic landscape and intent of INVESTORS’s TRUSTEE taking possession of property in deceptive perhaps larcenous manner.

    Data portals of ‘Servicer’ advancing funding on an individual debt that is ‘collateral’ with legal claim is related to the OWNER of the BOND (Purchaser) of the Collateral placed inside the ‘BOND’, and the ‘promissory note’ separated from the Deed of Trust during Origination. How? Look at current members who are ready for FREDDIE and FANNIE’s new open system platform ‘FIS’ Originator controls the nationwide network of bank attorney’s, lawyers, title & settlement agents, agencies, insurance companies, who are ‘authorized’ integrators on the ‘Cloud.’

    TRANSACTIONS CAN BE FOLLOWED, NOT THE MONEY.

    Attorney’s and client’s of Origination transaction documents, servicing transactions documents, and BATES ‘discovery’ documents, may not realize data identifiers in report reveal the system,, gateways, portals, requests for documents passed through will have detailed data records defineding Investor, Lender, Seller, Appraiser, Underwriter, …

    Accurate business documents exist stored in specified locations of ‘originator’ or eValut provider identified in MERS data records, an example.

    Transactions via CLOUD may affix in image “TD” a data identifier document report to/from TD Escrow Services.

    ORIGINATOR Fidelity Information Services, MERS, eLynx, Services-Link, LPS/DOCX,
    including FREDDIE MAC UMD ID: 1100000A2D’ 10 digit document file identification.

    FREDDIE MAC ‘website: freddiemac.com ‘search’ collateral
    UNIFORM MORTGAGE DATA PROGRAM
    June 2011
    Uniform Collateral Data Portal ‘UCDP’

    Users CREATED in UDCP “Lender Administrator’
    Users INVITED INto UCDP ‘Invited General User’

    Lender Administrator (Organizational setup) or Lender Admin is a UCDP user who has the authority to set up and manage your company’s business structure within the portal, including the access privileges of other users, at the business unit or enterprise level.

    The Lender Admin can either “create” a general user in UCDP (created users) or “invite” a general user to register for UCDP (invited user).

    General users have access to all of the functions described herein (except the ability to change passwords and to invite and/or create users, which is reserved for the Lender Admin). Read-only users can only read information on the screen and do not have a Submit Appraisal option on their Home page

    GSE Sellers acess to ‘joint’ GSE website. UCDP user agreement does not amend or supplement Agreemnt between you and either GSE.

    FREDDIE MAC SELLERS

    ‘FREDDIE MAC’S EXCLUSIONARY LIST
    SELLER’S ABILITY TO SELECT APPRAISAL MANAGEMENT COMPANY (OR OTHER PARTY) NOT ENDORSEMENT OR APPROVAL OF THE APPRAISAL MANAGEMENT COMPANY, DOES NOT RELIEVE SELLER OF ANY OBLIGATIONS PURSUANT TO SELLER’S OTHER PURCHASE DOCUMENTS INCLUDING REQUIEMENTS GUIDE SECTION 2.24 RELATED TO EXCLUSIONARY LIST.

    SUBMITTING AN APPRAISAL:
    LOAN SUBMISSIONS:
    SEARCH PREVIOUSLY SUMBITTED APPRAISALS:
    EDIT/VIEW APPRAISAL INFORMATION:
    ADDING ANOTHER INVESTOR, GSE:
    GENERATING REPORTS:
    APPRAISER LICENSE VERIFICATION:
    (GUIDANCE FOR LENDERS AND APPRAISERS)…

    Who should read this manual?
    This User Guide is intended for loan officers, underwriters, appraisal management companies, and others who use UCDP to submit appraisal data files to the GSEs, resolve problems with the appraisal data file submissions, and generate reports from UCDP

    The Uniform Collateral Data PortalSM (UCDPSM) is the Web-based portal lenders and their designated agents use to electronically submit appraisal data files prior to loan delivery to Fannie Mae and/or Freddie Mac (Government Sponsored Enterprises or GSEs). Through UCDP, you can submit up to 10 appraisal data files at a time, search for previously submitted appraisal data files, clear exceptions, and view reports. NOTE: The use of UCDP does not relieve lenders of any obligations under the Fannie Mae or Freddie Mac Guides, as applicable, including the representations and warranties they are required to make about the accuracy and sufficiency of appraisals relating to mortgages that are sold to either Freddie Mac or Fannie Mae, including adherence to the Uniform Appraisal Dataset (UAD) standards

    FannieMae & FreddieMac
    Uniform Collateral Data Portal (UCDP) General User Guide
    [PDF 4.7M] New
    Uniform Collateral Data Portal (UCDP) Lender Agent Admin User Guide [PDF 2.8M] New
    Uniform Collateral Data Portal (UCDP) Reference Series for the Lender Admin [PDF] New

    SUBMIT APPRAISAL, UNIQUE DOCUMENT FILE ID assigned to be used for LOAN DELIVERY to both GSE’s.

    SUBMIT APPRAISAL ‘Electronic Appraisal data file (XML with embedded PDF) FOR A LOAN.

    EVERY SUBMISSION ASSIGNED “Doc File ID’ WHICH YOU MUST INCLUDE WITH EVERY LOAN PACKAGE DELIVERED TO ‘GSE’

    SUBMIT MAXIMUM 10 APPRAISAL DATA FILES AT TONE TIME.
    ONE TO THREE APPRAISALS (MAXIMUM) FOR ONE LOAN, NEVER MORE THATN 10 APPRAISAL DATA FILES FOR ‘ONE’ SUBMISSION.
    MAXIMUM 12 MB FOR PDF, 15 MB FO RXML TOTAL 100MB ‘TRANSMISSION’

    REQUIRED FIELDS:
    BUSINESS UNIT – UCDP assigned business units
    SUBMIT TO GSE FREDDIE and/or FANNIE
    LENDER LOAN NUMBER – UNIQUE LOAN # MAX 15 CHARACTERS
    FANNIE MAE S/SN OR
    NON S/SN ID (Select the Seller Servicer Number (S/SN) or
    Non-Seller Service Number (Non S/SN
    FREDDIE MAC S/SN OR TPO# – Select Seller/Servicer Number (S/SN or Third Party Originator Number (TPO) from dropdown
    FILE NAME LOCATION: Uploan appraisal data file ‘Appraisal 1’…
    INSTITUTION ID: eNTER fANNIE-mAE – SPECIFIC id THAT IDENTIFIES THE LENDER OR BRANCH THAT ORIGINATED THE LOAN
    INSTITUTION ID IS IDENTICAL TO FIELD IN DESKTOP ORIGINATOR (DO)/DESKTOP UNDERWRITER (DU) SUBMISSIONS.
    UCDP DOES NOT EDIT OR VALIDATE THIS VALUE.
    FILE ID: ENTER FANNIEMAE-SPECIFIC ID THAT REFERS TO DESKTOP UNDERWRITER (DU) CASE FILE ID
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    LOAN PROSPECTOR KEY – ENTER FREDDIE MAC-SPECIFIC NUMBER THAT REFERS TO THE LOAN PROSPECTOR AUS KEY

    INSTITUTION ID AND CASE FILE ID, DELIVERY S/SN AND LOAN PROSPECTOR ‘SUBMIT APPRAISAL’ PAGE 23 OF 92
    UCDP GENERAL USER GUIDE

    OBSERVATION.
    Inside SEC Documents, information captured in ‘FWP’ Free Writing Prospectus, Lender Loan Number, Zip Code, Appraisal Value
    source data from ‘appraisal documentation’ reviewed by GSE via UCDP

    ‘Consumer name and physical address as borrower omitted inside FWP. Deal between FREDDIE MAC ‘Investor’ and LENDERS Loan# and info inside UCDP includes borrower’s name and physical address, and appraisal, and Loan Information for approval.

    USERS CAN EDIT LENDER AND LOAN INFORMATION
    CANNOT EDIT ACTUAL DATA FROM APPRAISAL DATA FILE. YOU MUST OBTAIN A ‘CORRECTED APPRAISAL DATA FILE’ FROM THE APPRAISER AND UPLOAN AGAIN.

    EDITABLE FIELDS ARE:
    LENDER LOAN NUMBER
    FNM S/SN OR NON S/SN ID
    FNM INSTITUTION ID
    FNM CASE FILE ID
    FRE S/SN OR TPO#
    FRE DELIVERY S/SN
    FRE LOAN PROSPECT KEY

    NON-EDITABLE FIELDS:
    Doc File ID
    Date Submitted
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    UCDP ‘User’ submits changes.

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    APPRAISAL DATA FILES ARE AVAIABLE FOR THIREE YEARS FROM INITIAL SUBMISSION AND PROVIDES CHRONOLOGICAL AUDIT TRAIL FOR DTAA SUBMISSION.

    FNM SELLER NUMBER
    FRE SELLER NUMBER
    FNM AND FRE SELLER NUMBER
    LENDER NAME

    EXAMPLE REVEALS ALL APPROVAL TRANSACTIONS MAY BE OVERRIDDEN

    Appraisal freport forms for all conventional mortgage loans delivered to Fannie Mae on or after March 19, 2010 must be submitted to UCDP if:
    – The loan application is dated on or after December 1, 2011, and
    – An appraisal report is required.

    eFanniemae approved vendor of ‘Origination’

    FIS=MORTGAGE LOAN ORIGINATION SOLUTIONS
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    PIP is available as open source software ^& GT.M
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    FIS’ extensive reporting bank network, robust infrastructure, and technical expertise enable us to offer a unique mix of custom technology and economies of scale.

    FIS Primary Provider since 1990’s IRS & Government Benefit Disbursements – With the introduction of our leading ebtEDGE solution in the early 1990s, FIS established itself as a pioneer in the government benefits marketplace. As government benefit program complexity continues to rise, state agencies require solution partners that can address their comprehensive needs – including consolidated services for WIC, EBT, child support, child care, wireless payment solutions, payment cards and more. With more than 40 state relationships spanning numerous government benefit programs, FIS is the logical choice.

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    FIS’ Cash Concentration and Disbursement solutions enable corporate and business customers with multiple locations to easily and securely consolidate funds in order to better manage their daily cash position. Flexible input options, robust reporting capabilities, and bank-defined ACH processing parameters enable banks to tailor solutions that span the cash management needs of the simplest small businesses to the most complex corporations. Easy-to-use self-service capabilities give customers control over their reporting structure, user access, and entitlements.
    FIS’ Cash Concentration and Disbursement offerings include:
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    Brandable – FIS eBill solutions are highly configurable, allowing you to determine labels, logos, colors, and messages. This significantly reduces the time it takes to redesign statements for online presentment, because you can do all the preparation before your customers ever receive them online. Finally, you can give your customers customized bills and statements that are of value to them.

    2011 Fidelity National Information Services, Inc. and its subsidiaries.

    About FIS
    FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is ranked 426 on the Fortune 500, is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list. For more information about FIS, visit http://www.fisglobal.com.

    About Bridge Bank
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  23. @johngault.

    I guess so. Here is what Mark Cuban says:

    ” To traders, whether day traders or high frequency or somewhere in between, Wall Street has nothing to do with creating capital for businesses, its original goal. Wall Street is a platform. It’s a platform to be exploited by every technological and intellectual means possible.”

    http://www.thepostgame.com/blog/daily-take/201108/did-mark-cuban-predict-market-crash

    —————————————————

    And like I say, Wall st got everybody (main street) involved in their make believe game via 401k’s, ira’s, pensions, abs credit cards and car loans, mbs in housing, and so on.

    Pretty soon they will start securitization of your water bill, telephone bill, cable bill, garbage bill. Wouldn’t surprise me since cities and states are selling off their assets.

    Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations and selling said debt as bonds, pass-through securities, or Collateralized mortgage obligation (CMOs), to various investors. The principal and interest on the debt, underlying the security, is paid back to the various investors regularly. Securities backed by mortgage receivables are called mortgage-backed securities(MBS), while those backed by other types of receivables are asset-backed securities(ABS).

  24. Attorney General will he/she dig in and secure solid indepth understanding of the business relationship both as partner and commercial client 2000 MICROSOFT, FREDDIE MAC, WFC, GMAC, BOA, and ‘MERS’ National Registry, and TD Servicers dba TD Escrow Services, TD Financial, CTS-Link, Service-Link, eLynx, eCnomica, eLoans, Inc, …LPS/DOCX….

    Any baker will understand what a mistake to bake one slice of a pie in an eight slice pie pan.

    Wondering why TD Services down tonight? off the grid.

  25. @mkn – you pose good questions there. I doubt there’s a list of each state’s recording laws. As to why assignments are not required to be recorded per se, I’d say that’s due to some stinking successful lobbying and it’s a disgrace to me.
    You can’t stop when you find one law, tho. At a glance, it can seem if you find a law which says assignments don’t have to be recorded that’s the end of the story. But it isn’t, because states probably have another one like Nevada which says if unrecorded, they’re only binding on the parties thereto and are not effective as to third parties, and that includes the homeowner. Until a homeowner, imo, has notice of the assignments, they can’t be ‘used’ against him.

  26. @cubed2 you said:

    “That’s Wall Street. Has nothing to do with the real economy.”

    I wish that were true. If it were, I’d have a whole lot more money today.
    Wall Street had a hell of a lot to do with MY economy, and that’s the class I’m in nowadays – economy.

  27. FROM REUTERS >>> http://www.reuters.com/article/2011/08/12/bankofamerica-idUSL3E7JC0DZ20110812

    *******************************************************************
    Aug 12 (Reuters) – Bank of America Chief Executive Brian Moynihan met privately this week with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo amid the campaign to calm investors and employees about the bank’s share price fall, the Wall Street Journal reported.

    The separate meetings took place on Wednesday in Washington, the WSJ said, citing people familiar with the situation.

    The intent of the meetings with the two top federal officials was for Moynihan to discuss issues related to housing, consumer spending and the U.S. economy, two people familiar with the meetings told the Journal.

    During the meetings, Moynihan stressed the urgency of reaching a wide-ranging mortgage foreclosure settlement with several federal agencies and 50 state attorneys general, the paper said.

    Bank of America could not immediately be reached by Reuters for comment outside regular U.S. business hours. (Reporting by Sakthi Prasad in Bangalore; Editing by Vinu Pilakkott)
    *********************************************************************
    The 4th paragraph is the key here ,, Bank Of America is pressuring TurBoTax Cheat Timmy to get Schneiderman to back off ,, they can’t afford DISCOVERY…

  28. Shelly A. Erickson and Ian ,

    I don’t have Bank of A but I have a friend that is in foreclosure in Florida with “BAC Home Loans Servicing , LP” as the plaintiff , can you give me the thumbnail version of what was announced (or provide a link) .. He has a first and a second with Bank of America (with “K”) N.A. from 2004 and 2007 , no assignments , no mention of securitization … loans taken out directly at a BofA branch…

    What should I look for as trouble spots? I realize BAC Home loans Servicing is/was Countrywide…

  29. neidermier- just read pages one and two of your link, thank you, and the author is already predicating the rest of his thesis on the importance of banks being able to recoup their mortgage debt, for the sake of the economy at large. It would seem to be all downhill from here. Number one, the banks, that is, bricks and mortar banks, never had any debt to recoup. Or maybe he means investment banks, which the preponderance of US citizens don’t know the difference. Of course, now, the media is calling them all ‘banks’. As if you could go into an investment bank and cash a check, or convert foreign currency, or buy a cashier’s check. Whatever. Can you give us a recap as to the guy’s take on things? What, does he have an internship this summer with Goldman Sucks? Bank of Amerifraud? Seems like a shill from the get go.

  30. MKD ,

    This pdf file has most of your answers ,, it’s not really a black and white , 0 or 1 thing …

    http://www.temple.edu/law/tlawrev/content/issues/83.1/83.1_Greenberg.pdf

  31. shelley erickson- don’t forget, there are 2 BOAs: BancOfAmerica, and BankOfAmerica- note the c, and then the k. Google each one, look around, it gets interesting- doesn’t take much speculation to see what’s what.

  32. BAC just announced today they are no longer doing business in Florida. BAC is the entity that BOA just sent letters out to Washingtonians to transfer their loans to BAC. Rob McKenna just filed to ban RECONTRUST FROM Washington. BAC AND RECONTRUST are the foreclosers for BOA, Is BAC coming to WA because there is an injunction and a proposed ban forever on RECONTRUST? I am not a RECONTRUST mortgage, just victim to them and every bankster involved in this huge crime. My son and many friends are RECONTRUST. I made sure they all filed an objection and denial that BOA had the authority to assign to anyone.

  33. @johngault:

    you posted this mark cuban;

    “But Cuban came back again to the traders, who he called “hackers” because, he said, they look for weaknesses in the system to exploit for short-term gain.”

    That’s Wall Street. Has nothing to do with the real economy. Wall Street is all make believe trading paper or computer digits for credits and debits on one’s trading account.

    But everybody is now involved via 401k’s, IrA’s, pensions, Scott Trade Accounts, everything saved thru Wall St and bank accounts.

    I don’t know. Say I make 20/hr, at end of week get 800, after taxes get 600, then some of it goes to living expenses, some to housing, some to bills, some to Wall St ( you make no money on savings at banks). If you have a Credit Card or home loan, it now goes to Wall St via ABS/MBS. In addition your 401k, IRA goes to Wall St. All collecting fees, a toll booth.

  34. Does anyone have a state by state chart of which states require or not require that all assignments be registered with the country? Or is it up the counties themselves in each state to determine that? What would be the purpose of not requiring these assignments to be recorded?

  35. This is from The Daily Take. The Cuban ref’d is Mark Cuban, the billionaire owner fofthe Dallas Mavericks:

    Cuban went on to make another point, about how entire nations are now bought and sold within seconds and even nanoseconds:

    “It’s hard to believe,” he wrote, “but evaluating countries as an investment is now easier than evaluating companies.”

    Lo and behold, the current malaise on Wall Street is tied not to the earnings of public companies — which are largely strong — but to the debt load of national economies.

    But Cuban came back again to the traders, who he called “hackers” because, he said, they look for weaknesses in the system to exploit for short-term gain.

    “The Government needs to create incentives for this business,” he wrote, “and extract compensation from the traders/hackers for the systemic failure level of risk they introduce.”

    He concluded again in bold text with a scary forecast that, although not completely unique to him, now looks more and more accurate:

    “There will be another crash, because there are too many players looking for the trillion dollar score.”

  36. I have a question about MERS, If the “Mortgage” is MERS and the note is not and the enitiy named on both is no longer in Bussiness and it is found that the enitity named was never the lender, it not this a real dead issue?

  37. Well he’s got other states to model it after, time for me to go Interview the folks in Essex Cty. MA. Here’s last night’s party with U.S. Senator Kelly Ayotte, who sits on a bunch of finance-related committees unfortunately.

    Here you go:

    WEDNESDAY, AUGUST 10, 2011

    Kelly Ayotte N. Haverhill Town Meeting: She will gut CFPA; woman tells KingCast “Ayotte’s full of shit.”

    http://mortgagemovies.blogspot.com/2011/08/kelly-ayotte-n-haverhill-town-meeting.html

  38. “What Does Receivership Mean?
    A type of corporate bankruptcy in which a receiver is appointed by bankruptcy courts or creditors to run the company.
    Investopedia explains Receivership
    The responsibility of the receiver is to recoup as much of the unpaid loans as possible.

    Being in receivership is not an enviable situation for a company. Oftentimes, receivers find that the best way to pay back loans is to liquidate the company’s assets, which effectively puts the company out of business.”

    So…if IndyMac is the servicer on our fake 1rst mortgage, and our HELOC was with WaMu…now Chase…

    how do these points translate, Mr Soliman—in simplified layperson (as in broke pro se), lanquage?

    -Who is the principal debtor?
    -What is title theory of past versus present?
    -Can anything really convey without the two basic ingredients’ for a lawful transfer?
    -Do you understand what “basis” or “basis in assets” refers too.
    -Why I am I not any less adamant about GAAP and rules for DE-RECOGNITION of liabilities.
    – Is this really foreclosure or Subrogation?
    -Bad faith and fraud before the court – Call it , it’s your day in court!

  39. @john, I’m not sure if I agree with point you’re making or disagree with it, but here goes : the whole point of recording documents is not to make them valid per se, it’s to make them binding on third parties by putting everyone on notice. and that’s where I agree with your statement that they are binding between the parties themselves whether recorded or not. as to assignments specifically, it varies from state to state. if your state requires them to be recorded by law and MERS is side-stepping that requirement, then someone has a great case that MERS is screwing the state and counties out of revenue. however, if the state does not require them to be recorded (and TX does not as far as I can tell), then this argument by the DA fails.

  40. Unrecorded assignments, though binding on the parties thereto, don’t impart notice. Take 50: (for example:

    NRS 111.315 Recording of conveyances and instruments: Notice to third persons. Every

    conveyance of real property, and every instrument of writing setting forth an agreement to convey any real property, or whereby any real property may be affected, proved, acknowledged and certified in the manner prescribed in this chapter,

    to operate as notice to third persons, shall be recorded in the office of the recorder of the county in which the real property is situated or to the extent permitted by NRS 105.010 to 105.080, inclusive, in the Office of the Secretary of State, but shall be valid and binding between the parties thereto without such record.

    [24:9:1861; B § 252; BH § 2593; C § 2663; RL § 1038; NCL § 1496]—(NRS A 1995, 891)

    I’ve posted this 10 times and it’s apparently been blown off as many.
    Anyone deign to tell me why? Must I hunt down the mirror statutes in every state?

  41. Thank You M. Soliman , that was excellent.

  42. Konatina,

    I really have a deadline to meet with a big translation. I will get in touch with you in a couple of days. In the meantime, I have been pestering everyone I could thing of. You can find the letter I sent my AG (DeWine) posted somewhere (a few times) in the previous days.

  43. from article:

    “MERS was established to act as a shadow recording system for the millions of mortgages in the United States and facilitate the buying and selling of mortgage rights as commodities.
    There are currently approximately 31 million active residential mortgage loans registered on the MERS System.”

    YOU MEAN MERS WAS ESTABLISHED AS A “SHAM” RECORDING SYSTEM…CREATED TO PULL OFF THE BIGGEST PONZI SCHEME IN HISTORY…PRETENDING TO RECORD REAL MORTGAGES…NOT REAL…JUST COLLECTION RIGHTS.

    “Unsecured — name of the game…
    Subprime/alt-a/jumbo — were not mortgages — they were transfers of collection rights (albeit — with escalated balance owed and egregious terms). Once the Note/loan — is charged off — no more mortgage — only collection rights survive.
    TARP Inspector General — Footnote 35 again — and again– and again.
    “Without the note, a mortgage is unenforceable, while without the mortgage, a note is simply an unsecured debt obligation, no different from credit card debt.”
    Securitiztion can be for any cash flows — but the security investors are NEVER the creditor. In the case of subprime/alt-a/jumbo securitization — there were no mortgage liens — the cash flow pass-through was only for pass-through of cash payments to collection rights. No mortgage lien – not mortgage — no pass-through of collection rights itself. Transfer of servicing rights only.
    The “investors” were the debt buyers that purchased the collection rights — period. The security investors were duped to believing that the cash pass-through was to valid mortgage liens. But, these security investors never were the lender, never were the creditor, and never were the mortgagee — because there was never any valid mortgages!!!!! And, security investors are NEVER the creditor.
    CDOs??? nothing more than derivatives from the false assets that the false securitizations were based upon to begin with!!!”

  44. Comments – Does anybody know of a group or organization that is helping people in California in dealing with B of A. Thank you to anyone who can help.

    It’s not Bof A and nor is it the lenders per say. People COME ON …GET A GRIP. Bof A are under an internally managed liquidation scheme under the Feds watchfully eye. Bof A, La Salle Duetsche Bank Wells Fargo is all on the FDIC joint effort collaboration. Indy Mac and WaMu are held in Receivership. You understand what a receivership is all about…correct?

    I want to believe what i am reading is sincere from people. But my God it’s late in the game to not know what the real issues are in line with the matter to be pled. Merscorp is a masterful waste of energy and time. It’s the missing redress you’re looking for and not a means to enjoin the matter from culpable players. Debt Collectors are not who your thinking and notary shams Jurat’s and witness instruments are immaterial to the economies of scale necessary to rescue your home. The “beast “is foreclosing (I’m not kidding) and you need to find out who he is.
    The beast is hungry and wants more homes. But like any bully he’s looking for victims’ and you’re sounding like victims’ (Its tough I know.

    I am not the only expert witness in town (with 23 years in secondary and capital market s- am I? Just kidding) Dan E is a good guy for all the flack I give him, but folks. Get some help here. So, here is something to look into – Okay

    Have you missed payments? Are you damaged how? How are you damaged?

    If you lose your daily trip allowance in Sin City working a slot machine and some fool walks up and puts a quarter into the machine as you get up —and hits for $10,000 – Are you damaged . Hurt and boiling maybe. But damaged?
    You Have Been Damaged and The Courts Are Begging For Your Time On Stage To Articulate Why… How you have been damaged
    I have been in Court enough to see the con with my own eyes. Where the stout linebacker mom playing attorney and picking up the kids a three is before the court opposing us and appearing for her client . . ..Deutsche Bank’s what ? S_T_O_P_ Duetsche counsel? The biggest most powerful bank in the World and she is the Duetsche Bank counsel? I’m not an attorney but expert so I wait my turn (she did start objecting upon seeing me which is a good (or bad sign) but I enjoy hearing the Judge “lambast and ream this lady officer of the court out! He says – I have had enough of your XXXX – get Out! You have no Note, nothing filed and no FILE to refer too YOU STOLE ENOUGH TODAY – – get out of my Court!
    But your honor _ GET OUT he says again! I think the Judges would like to rule favorably once in a while …and why not you? Can we help these Judges out maybe?

    FOOL OPPOSITION – In another case I swear, the Wells Attorney is doing an Irish Jig as he bops up and down and looks like a trout out of water. He’s hammering his own star witness on the stand. As the judge say “I cannot listen too much more of this _ move it along NOW … So counsel says…”so what day did the sale close again”. OBJECTION – SIT DOWN – Get OUT OF HERE. The witness called by the defendants was a 26 yr old kid who just got his license.
    One last one – I love. BONY comes walking over as we are up next and he is signing this song under his breath – I want my house …”da” “de” – dee- do “dee” da ….where is my next house ….do- da da – di di – doo .
    I’m thinking “You got to be schlepping me”. Next he say’s – “are you counsel for the” …..Ahhh Nooo Not you again!

    I say’s nice to see you again counselor –

    BONY say’s “come on I’ll bet you …whatever you want – I never loose – Never …Come on. I say Counselor, no bets, let just do this and be done with it. If you don’t object I can have a few minutes to speak ….and ? “He says No chance – take the offer – last chance. Don’t tell me – tell them I say! … He offers something ridiculous. Point of the “story – Six hours later and still in court and getting ready to go to trail ….amazing.

    Last Note and thank you to LL (we are all on the same team guys) – Depositions are the worse and the things a select few used to attack me here ALWAYS always seem tO make into the deposition –
    Thanks guys!!!! That s a home owner I am trying to testify for you know?
    WHAT YOU NEED TO KNOW
    -Who is the principal debtor?
    -What is title theory of past versus present?
    -Can anything really convey without the two basic ingredients’ for a lawful transfer?
    -Do you understand what “basis” or “basis in assets refers too.
    -Why I am I not any less adamant about GAAP and rules for DE-RECOGNITION of liabilities.
    – Is this really foreclosure or Subrogation?
    -Bad faith and fraud before the court – Call it , it’s your day in court!

    The FDIC told me with Counsel on the line last winter that the Servicers can bring foreclosure? I said Ahhh WWWRONG. Try again…. FDIC counsel say‘s No Comment!

    Bifurcate – who threw that loss leader at us? They separated the what? Please, don’t respond here – I WAS ONE OF THEM FOR TWO DECADES (no separation of note and deed TRUST ME)

    So FDIC pulled the preemption move last year to repeal the safe harbor act . . . could not do it – you know why…Europe and China and pretty PO’ed for starters but …These banks are amazing .

    They do remember having been stung by the FIERREA crap in 1989 and said not this time. They found a way (ingenious) to remove the Fed banking system of its capital. In this scheme they convert Fed funds and bank regulatory capital into cash. It’s like a master card – for every $1,000 you spend in ebt you get $3,000 back. And all it cost the officers is less than $7.00 for every thousand them grabbed and parked into depositor accounts of their own.

    Now listen to this – they FDIC regulatory high brass commission will have nothing to do with subprime crime and will not insure it – not one cent will be insured by fdic enforcement – got it? They got left holding the bag with all the stock after they proclaimed it is uninsured! Now you see why the fed said we is going to increase the depositors insurance to $250,000 and we will extend the depositors protections to those tha may not have been covered by FDIC insurance– RIGHT! Ahhh

    And the mega cash the banking and Wall Street brilliance grabbed from their banks and NYSE investors ‘pockets – where did it go? Forget MERS they further insulated themselves with Euro Clear Luxemburg and every major Foreign Bank in Europe by participating and sharing the wealth. How you ask-
    They took cash out of US Thrifts and “laundered it “with worthless filthy toxic stock certificates. And left the European hang out high and dry cashing in abroad – Brilliant

    Expert.Witness@live.com
    M.Soliman

  45. Christine, I will help any way I can. Let’s cooridnate our efforts.

    What I have learned over the last 2 years, it’s futile to go after these peons when the real issue was deeper than the smoke they created to confuse us.

    They are attemting to steal our TITLE away from us. Most of the suits I see filed against some of the players are just tactics to remove culpabilty. FHFA on behalf of FDMAC and FNMAE suing UBS filed on 7/27/2011? Give me a break. FDMAC and FNMAE knew full well what they were doing all along. “purchasing” dredge “toxic” stock and repackaging it into “fresh” bonds and selling it to investors abroad with the US AAA rating stamped on them for years. No wonder the world is disgusted with the US. But it goes much further than MERS and was deeper than just the United States Greedsters cause of the problem. It was evil GREED everywhere. And then FNMAE and FDMAC coming into court stating “we purchased that loan 2 months after origiation. Right. NOT. Most of these loans FNMAE and FDMAC wouldn’t have touched with a 10′ pole back in the day. But they made this loop de loop to get it into FNMAE and FDMAC so that they could spoon feed the junk it to the world.. The FDIC seized the lenders that were put out there to be the “you do it then we’ll bust you so you have no cupubality” (Indymac and all those others)….screwed over the investors by FDIC receiver powers, made deals with new investors (Soros and others) to benefit them greatly if they foreclose, while the fat cats that got all the cash and walked free.
    There was so much cash generated from the “commissions” of these investment pool formations. Where did it go? Not back into the public’s wallet. Doesn’t anyone ask how and why FNMAE and FDMAC can claim title to the foreclosed homes? Like B of A foreclosing and deeding the original deed of trust borrower signed to Quicken Loans being assigned to FNMAE AFTER the trustee sale right before the trustee deed is conveyed to FNMAE. What’s with that shenanigan?

    What the hell are these termer politicians trying to pull.

    Are we sheep, wolves or sheep dogs?
    This is so sickening listening to MERS SHMERS. Let’s go get on the real issues here.

    Christine, Email me (tina) at bigislandbingo@hotmail.com

  46. Its finally hitting the main stream media… Watch the video.

    http://news.yahoo.com/blogs/cutline/video-msnbc-dylan-ratigan-meltdown-over-meltdown-031046281.html

  47. Has anyone heard of IMPAC Funding Corp. I won my foreclosure case a year ago for lack of standing but without prejudice, recently the same firm served fraudclosure papers from the same plaintiff. This time they did a corrected assignment, the first was from MERS to Deutsche, this time its from MERS to IMPAC then IMPAC to Deutsche. The signers on the doc. all work for GMAC as well as the notaries.

  48. Well, Konatina, I was actually thinking the same thing: does an amendment have to be voted by congress? Or can congress be bypass in certain specific instances. I believe that, if we make it a condition to the next presidential election and we make it clear that no president will be elected unless and until he publicly vouches to work toward reevaluating congress duties and responsibilities with respect to the people, that may very well carry the weight we need.

    I forwarded it to the Whitehouse (you never know and they’re pretty good at answering, even if it;’s lame…) and to several very visible reporters. Couldn’t get through to Huffington and the major papers (very, very tied up with a big project today and tomorrow) but I definitely want to grabt that ball and run with it.

  49. ian you are correct.the licenses for both private channels and pubic are regulated in all matters related to ‘commerce’

    As a senior technologist, I wonder why attorney’s have not incorporated a long time ago, the details surrounding the actual transactions related to COTA not recorded in the public domain, and the rich fully-documented acceptable as federal civil evidence under US Code – examples, of what eNotes are and are not.

    Remote acces over the CLOUD means for non-technologists
    ACCESS TO YOUR own files over the ‘CLOUD’ and other systesm you are members of which are already integrated, and indeed are documenting communication channel licenses to be governed by FCC to protect welfare of nation powers vested by Congress

    http : // www . tdsf . com / foreclosure _ tech . htm

    Was the FCC suppose to make sure commerce safe as related to welfare of nation, a regulatory agency who reports to Congress all matters related to commerce by the powers vested by Congress.

    FTC regulatory agency was suppose to make sure commercial business safe as related to welfare of nation. FCC’s communication channels did allow FREDDIE MAC, in 2000, INVESTOR to monopolize with Microsoft open system platform monoply of real estate industry recognized in 2001, when smaller lenders excluded made ‘noise’ and Microsoft partners with FREDDIE MAC, Chase.com, WFC, GMAC, BOA stopped using HomeTechnologies trade name but not the global financial universe transactions and business conducted over communication channesl which went out of control by middle of 2003.

    Was the FTC was suppose to make sure consumers purchasing products placed into the public domain for sale (commerce) which includes the defective and clouded titles traded and resold digitally over internet – what happened? Why are the manufactuers’ of the defective products not subjected to lawsuit for having harmed consumers sold defective products? Example, SERVICER sold ‘servicing rights’ to collateral with defective titles. Nationwide network instructed to ignore defective titles and did. And hid from consumers harmed by clouded titles.

    You can view the images and print and attach to your cases:

    Example, move cursor over picture TD Service & Internet
    Right click mouse,
    Save pictures
    #1 TDService_Cloud.bmp or *.gif
    #2 TDServices_Foreclosure.bmp or *.gif

    http : // www . tdsf . com / foreclosure _ tech .htm

    TD is a partner in a number of networks and a PREMIER provider for several industry providers including MERS.

    Look at cover pages provided in Discovery for “TD ”
    TD affixed to cover pages of documents pass through TD Service providers Gateways (e-mailo, reports, orders, EDI data, FTP, Commercial Client Members Searches for Lien Releases for example.

    ‘TD’ on Discovery documents, attach images and documents exchanged via TD, include images and details of digitial transactions.

    TD preferred provider of MERS, a transaction partner with LPS, and can accept data for many of TD services INCLUDING LIEN RELEASE, ASSIGNMENT, FORECLOSURE, AND MANY OTHER TRANSACTIONS.

    TD ‘can send’ data ‘back to TD clients in wide variety of formats including:

    XML, hard-copy, txt, csv (spreadsheet default format to import and export data, and others.
    SECURE ‘FTP’
    web services,
    many othe rmethods.

    Reports & Billing on-line applications.
    On-line applications can interface (integrate) with customers’ in-house systems.

    TD partner IBM Business Recocvery Services (BRS).
    TD provides hot site aound nation mirror equipment duplicate TD’s operating environment and config.

    TD Data Security, as required by HUD, TD fully complaint with Gramm-Leach-Bliley Act (Financial Moderenzation Act) regarding ‘privacy’ of sensitive data. Consumers don’t realize when they sign credit application on-line or on paper, all bank-affiliates and non-bank affiliates globally have access to their data.

    Bruce Gauger, TD’s CIO

    ‘Trustee sale information’
    ‘lien releases’
    ‘reconveyance lookup’
    ‘assignment’
    ‘document research inquiryt’
    ‘dedicated FTP’
    ‘other’

    TD owners and benefactors constanting develop applications for their commercial clients who engage in commerce in private licensed communication channels or publically licensed communications channels.

    Chart of Document Services Outsource Work Flow, click on image, and save document using internet browser, file, save, TD_Doc_Outsource.jpg

    Paste URL and view documents http://www.tdsf.com/graphics/Outsource_flow.jpg

    Web-based Lookups, Electronic Reporting screen can be saved as a document “WEB-STAR” Lien Release Search. Click on the image and browser select ‘File’ save as TD_WEBSTAR_Lien_Release.jpg

    You’ll find in related documents and discovery, ‘Service#’ and ‘Loan#’ and Borrower Name, State, Payoff Date, Property Address. The Nancy Drew investigators will be looking at the screen image integration

    You have to put on your ‘Nancy Drew’ hat or ‘Hardy Boys’ hat or 007 if you prefer… and click and read and absorb every detail.

    Data inside ‘input screens’ are saved inside databases and those databases used to create checks, wire transfers, falsified DOT’s, DOS,’s, Assignments, Liens, Allonges, Notes, etc.

  50. Here’s what I found on the “popular” way to change the Constitution:
    Popular Amendment

    One other way of amendment is also not mentioned in the Constitution, and, because it has never been used, is lost on many students of the Constitution. Framer James Wilson, however, endorsed popular amendment, and the topic is examined at some length in Akhil Reed Amar’s book, The Constitution: A Biography.

    The notion of popular amendment comes from the conceptual framework of the Constitution. Its power derives from the people; it was adopted by the people; it functions at the behest of and for the benefit of the people. Given all this, if the people, as a whole, somehow demanded a change to the Constitution, should not the people be allowed to make such a change? As Wilson noted in 1787, “… the people may change the constitutions whenever and however they please. This is a right of which no positive institution can ever deprive them.”

    It makes sense – if the people demand a change, it should be made. The change may not be the will of the Congress, nor of the states, so the two enumerated methods of amendment might not be practical, for they rely on these institutions. The real issue is not in the conceptual. It is a reality that if the people do not support the Constitution in its present form, it cannot survive. The real issue is in the practical. Since there is no process specified, what would the process be? There are no national elections today – even elections for the presidency are local. There is no precedent for a national referendum. It is easy to say that the Constitution can be changed by the people in any way the people wish. Actually making the change is another story altogether.

    Suffice it to say, for now, that the notion of popular amendment makes perfect sense in the constitutional framework, even though the details of effecting popular amendment could be impossible to resolve.

  51. I am not sure how to do this. But there must be someone out there that does. I just got that email from an acquaintance and thought it great enough to post. Let’s do it. Help!

  52. FLORIDA VOTERS – PLEASE HELP TO BRING MATT WEIDNER ESQ.,OUR FORECLOSURE DEFENSE HERO , TO THE HOUSE OF REPRESENTATIVE. SIGN THE CANDIDATE PETITION FOR HIM. THANK YOU VERY MUCH.
    *********************************************************************************
    MAJOR ANNOUNCEMENT! THIS IS YOUR CHANCE TO BE PART THE REVOLUTION!
    August 9th, 2011 | Author: Matthew D. Weidner, Esq.

    PLEASE TAKE JUST A MOMENT TO PRINT OUT THE PAGE BELOW

    SIGN THIS PETITION!
    http://mattweidnerlaw.com/blog/wp-content/uploads/2011/08/WeidnerPetition1.pdf

    THEN MAIL IMMEDIATELY TO:

    MATTHEW WEIDNER

    329 4TH AVENUE SOUTH

    ST. PETERSBURG FL 33701

    This YOUR chance to be part of the MOST EXCITING REVOLUTION to sweep Florida politics in a generation. This opportunity to make your voice heard comes around only once every ten years. Please make the most of this opportunity. Print out multiple petitions and have your neighbors, friends and co-workers sign as well! Please forward this post around to as many of your social networks are you can. Remember, this is not just about getting me on the ballot, this campaign is about GETTING REAL, EVERYDAY FLORIDIANS THAT CARE ABOUT AMERICA ON THE BALLOT!

    The crucial thing to understand about this is any registered voter, from any county in Florida, from any party can sign this petition to get me on the ballot! This incredible quirk of the petition process comes around only once every ten years. And it just so happens that in this tenth year, the incumbent politicians are more vulnerable than ever before.

    DO NOT MISS YOUR CHANCE TO BE PART OF HISTORY!

    SIGN THE PETITION, PRINT OUT SEVERAL AND PLEASE MAIL ORIGINAL PETITIONS TO ME IMMEDIATELY!

    PLEASE CLICK HERE TO ENSURE THAT YOU ARE REGISTERED TO VOTE
    http://election.dos.state.fl.us/voter-registration/voter-reg.shtml

    Political advertisement paid for and approved by Matthew Weidner,Candidate for Florida House of Representatives
    20

  53. Nancy Drew- no I haven’t. I would think that these ‘private channels’, at some point in transmission utilize land lines for connections, so would be subject to wire fraud statutes when used to transmit fabricated,forged,and backdated documents as fraud on the courts. Also didn’t realize the extent of TD Services reach. Where do I find this info?

  54. Konatina, I absolutely love it!!!

    Walk me through please as i intend to act on it. In order to become a reform act, who does it get submitted? How is it voted on and by whom? If we need to sign petitions, hom many signatures are required?

    I am sick and tired of paying through the nose for Congress when I can’t even afford to have dental work done. They have access to amenities we, the people, can’t even dream of and they are supposed to serve us. I pledge to do everything in my power to clean house, at federal and state level and regain what our incompetent and greedy Congress has stolen from us. Regardless of which party they belong to, most of them have caused enough damage to be fired and yet, we treat them as royalty. if Congress was a corporation, it would have long gone bankrupt and half of it would be in jail for white collar crimes.

    Let’s do it!!!

  55. ian

    have you followed the flow chart on TD Services dba TD Escrow Services in which FIS Fidelity Information Services, MERS, integrated in private communications channel, one who specializes in ‘Trustees’ and sub-stitute trustees as members who order documents which are falsified, conduct commercie over public communication channels which are licensed and regulated by FCC, and involve intent to take property both real and personal by deceptive acts, the taking of possession of property belonging to a resident. Is this not significant? And FREDDIE MAC, INVESTOR, Shareowner of the open software platform 1996 along with Chase Manhattan Corp, GMAC, BOA, WFC and FREEDIE partners with Microsoft in 2000.

  56. eNote is not already registered utilize MIN number
    7-digit member id; 10 digit agreement number, 1 control character

    MIN (Mortgage Identification Number) and the PKI hash value
    for the eNote will be the primary means of uniquely identifying
    eNotes in the National RegistryCollateral Assessment w Uniform Appraisal Dataset (UAD) SHAREOWNER FREDDIE MAC (INVESTOR)

    3/7/2003 Version 1.0
    MEMBERSHIP PRIVATE:
    All parties interacting with the National Registry must have executed
    membership agreements with the National Registry. National Registry is not involved in the transfer of funds (it is not a book
    entry system). The National Registry would not be involved in the entry, forwarding, or tracking of good funds associated with the closing of the electronic mortgage or the transfer of the eNote.
    Endorsements of eNotes are not required; transfers of control in the National Registry are the legal equivalent of a paper endorsement. The National Registry will track all transfers of control and other events in the life of the eNote in its audit logs.

    Authority of the National Registry would extend from specific investor requirements for its use. The National Registry functionality is limited to electronic notes, and not paper
    notes. National Registry will communicate with member organizations using industry-standard XML messages.

    National Registry is intended to track and maintain information on eNotes that have been created using the industry-standard MISMO SMART Document format. Business Partner agreement between the National Registry and participants will define the hash algorithm to be used on the eNote for registration purposes.

    National Registry will not store the actual eNote, but only identifying
    information about it track and identify electronic promissory notes (eNotes) and Bridge gap between today’s (paper-based) mortgage world and the new electronic mortgage world

    “Roughly” equivalent to an original paper note with wet ink signatures, where physical possession is the analog of “control.”

    National Registry will not store eNotes or copies of eNotes.
    The responsibility for ensuring the validity of an eNote and its hash value rests with the Controller and its eVault. This responsibility should be clearly delineated in the business agreements that National Registry participants must enter into in order to transact with the National Registry.

    A single neutral industry-wide eVault will not be a viable business solution.Although it would solve many of the business, technical, and functional challenges that we face in this new industry paradigm, it is clear that individual vendors will provide eVaulting services to lenders just as Document Custodians provide similar services in the paper world today National eNote Registry & entity that is in Control

    Likely LARGER LENDERS and SECONDARY MARKET INVESTORS WILL NOT ALLOW THEIR eNOTES to be stored by a third-party utility such as a national eVault.

    where …

    Control can be identified and asserted by the Controller (or owner) of the eNote

    eCustodian: A legal fiduciary designated by a Controller to administer the Controllers’ eNotes on its behalf in an eVault.

    Proprietary electronic custodial repositories (eCustodians or eVaults) will exist to store eNotes

    Electronic file may be transferred from the seller’s eVault to the buyer’s (or it may remain in place, if the buyer and seller have a business relationship that allows for that).

    eVault: A secure electronic repository for eNotes. May be operated by an eCustodian or by a lender or investor to store their own eNotes. Similar to a paper vault run by the Document Custodian industry today.

    Commerce conducted over private communication channels and public communication channels licensed and regulated by FCC regulate infrastructure for exchange of electronic mortgages (eMortgages) and eNotes digital transactions are sold and traded

    Any electronic copy of an eNote is identical to any other – since they are simply bit-for-bit copies of computer files, no one copy of an eNote can contain data that would identify it as the Authoritative Copy (theelectronic equivalent of the paper copy with the wet ink signatures)

    “external mechanism?” required to resolve the question of which
    of the (potentially many) copies of an eNote is the Authoritative Copy

    Controller (or owner) of the eNote identify ownership of the eNote
    assurance of this external mechanism will be required by secondary market investors for them to accept delivery of eNotes.

    PRIVATE off-line licensed communications channel will host the data reporisotry in form of members “National Registry” will allow eNotes to be registered and uniquely identified for tracking and verification. It will store information on the controller and location of the Authoritative Copy of the eNote.

    The National eNote Registry is a compliance vehicle to satisfy certain requirements imposed by the PRIVATE communications channel transactions labelled

    Transferable Record: An eNote issued in accordance with the provisions of Section 16 of the UETA and Title II of E-SIGN

    Uniform Electronic Transactions Act (UETA) and the federal Electronic Signatures in Global and National Commerce Act (E-SIGN)so that the owner of an eNote (the Controller) would have legal rights similar to those that a “Holder in Due Course” has with a paper negotiable promissory note. Such legal rights only exist in the private off-line communications channel license to members who are subscribers.

    PRIVATE NETWORK license regulator FCC? only when transmitted over integrated public network which is licensed communications channel in which members’ employees engage in commerce transactions for a fee and order falsified documents inside of a private “closed loop” of relationships and responsibility,
    which ensure that the eNote, Controller, eVault, and National Registry all work together to satisfy the Safe Harbor provision of UETA Section 16.

    An eNote issued in compliance with Section 16 of UETA or Title II of ESIGN is called a Transferable Record (TR). Specifically, Section 16 of UETA and Title II of E-SIGN require that the party in control of the Authoritative Copy (AC) of the TR at any given point in the life cycle of an eNote can be readily identified.

    Section 16 of UETA and Title II of E-Sign:
    Initial registration of eNote will confirm valid sender; organization is member of National Registry Private Membership, check ‘control’ valid for requestor

    Control can be identified and asserted by the Controller (or owner) of the eNote

    eCustodian: A legal fiduciary designated by a Controller to administer the Controllers’ eNotes on its behalf in an eVault.

    page 4 of 10 see MERS National eNote Registry Requirements from March 2003 defines private members agreement in moving data over communications channels on public and private channels. All ‘National Registry’ transactions private members only. Transferor and transferee organizations are MEMBERS.

    Data programmers, data engineers, etc., to create applications utilize the standards defined inside the National Registry or the National Registry standards defined by the programs already in place 1996.

  57. @ian, that’s a fair reading except that many courts take a shortcut and apply the maxim that the mortgage follows the note. therefore, proving the note custody is all that is often required. of course, some courts disagree, but that so far is the exception rather than the rule

  58. tnharry- sorry, wasn’t paying attention. In regards to the mortgage or DOT in nonjudicial states, when requesting a MERS milestone report which purports to track mort/dot sales, the trail of both the note and mort/dot have to parallel each other, or the person legally empowered to enforce the note isn’t the mortgage holder and vice versa. And if the notes were never deposited into the Trusts under whose name a f/c is being sought, then what? Short question, long answer, curious on your take based on adjudicated cases.

  59. ian – not the notes. i’m referring (as is the DA) to the assignment of the Deed of Trust or mortgage, which is generally recorded in the county register’s office. your references are to the notes themselves

    zur – this guy has political aspirations. almost all DAs do, i’m not knocking it. but if there is no law saying assignments must be recorded, MERS is operating in the clear no matter how much everyone despises them. he can file his case and have his press conference. no one will cover the story a couple months later when it gets dismissed.

  60. Tnharry–yes it will. I imagine the DA has a pretty good idea of how to survive a motion to dismiss and is familiar enough with TX law to write a complaint that takes all that into account.

  61. MERS is the Achilles heel–everyone smells it’s blood in the water. Let’s take em down!

  62. tn harry- shouldn’t each and every true sale as mandated by IRS REMIC/REIT rules, and also by NY Trust Law be memorialized by an assignment? I am speaking of the A>B>C>D sales necessary to create a bankruptcy remote entity. How can the notes be “owned” if only for a computer-driven nanosecond if there is no record substantiating such ownership? Clue me in.

  63. MERS electronic registry in which ‘Members’ commerce sales and purchase of eNotes traded as collateral and debt via cloud on internet communication ‘channel’ licenses for which FCC regulates commerce conducted, for example, over MSN.com.

    2000, Microsoft announced partners MSN(tm).com virtual Uniform Commercial Code conductor facilitating commerce globally. Bothl commericlal and consumer transactions of commercie include financial proudcts manufactured in the finance universe, and consumers exchange of currency for delivery of products both personal, real property products sold inside of the licensed channels.

  64. Is this guy just attempting to gain voter confidence in his state by attacking MERS (and chasing windmills)?. Is he thinking of running for governer in the near future, too? like the WA state AG who sued B of A is planning?

    I just received this email:
    The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months & 8 days to be ratified! Why? Simple! The people demanded it. That was in 1971…before computers, before e-mail, before cell phones, etc.
    Of the 27 amendments to the Constitution, seven (7) took 1 year or less to become the law of the land…all because of public pressure.
    I’m asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise.
    In ONLY THREE DAYS, most people in The United States of America will have the message. This is one idea that really should be passed around.
    Congressional Reform Act of 2011
    1. No Tenure / No Pension.
    A Congressman collects a salary while in office and receives no pay when they are out of office.
    2. Congress (past, present & future) participates in Social Security.
    All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.
    3. Congress can purchase their own retirement plan, just as all Americans do.
    4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.
    5. Congress loses their current health care system and participates in the same health care system as the American people.
    6. Congress must equally abide by all laws they impose on the American people..
    7. All contracts with past and present Congressmen are void effective 1/1/12. The American people did not make these contracts with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.

    Right on! let’s do it.
    .

  65. except that assignments aren’t required to be recorded. his case (if it gets filed and this isn’t just a publicity stunt) won’t survive the initial motion to dismiss

  66. READ FOOTNOTES of Testimony to Senate:
    Important disclosures perhaps omitted from verbal testimony given on 11/16/2010 by Mortage Electronic Registration Systems “MERS” President and CEO R.K. Arnold who appears Before U.S. Senate

    Washington, D.C., Nov. 16—R.K. Arnold, president and CEO of MERSCORP, Inc., testified today before the United States Senate Committee on Banking, Housing and Urban Affairs. To download a copy of his testimony, please click here. For questions, please contact Karmela Lejarde at 703-761-1274.

    http://www.mersinc.org/newsroom/press_details.aspx?id=252

    1 MERSCORP, Inc. is structured as a privately held stock company. Its principal owners are the Mortgage Bankers Association, Fannie Mae, Freddie Mac, Bank of America, Chase, HSBC, CitiMortgage, GMAC, American Land Title Association, and Wells Fargo. MERS is headquartered in Reston VA.

    2 Members tend to register only loans they plan to sell. Wells Fargo and JP Morgan Chase are the principal members in this regard. They service most of the loans they originate themselves, so registering their retail business on the MERS® System is of less practical value to them. However, when these institutions purchase loans from others, known as their correspondent business, they do require that those loans be registered on the MERS® System.

    3 MERS makes its money through an annual membership fee (ranging from $264 to $7,500) based on organizational size, and through loan registration and servicing transfer fees. MERS charges a one-time $6.95 fee to register a loan and have Mortgage Electronic Registration Systems, Inc. serve as the common agent (mortgagee) in the land records. For loans where Mortgage Electronic Registration Systems, Inc. will not act as the mortgagee, there is only a small one-time registration fee ($0.97). This is known as an iRegistration. Transactional fees (ranging from $1.00 to $7.95) are charged to update the database when servicing rights on the loan are sold from one member to another.

    4 The originating lender may be the servicer in some cases.

    5 A copy of a sample mortgage document can be found in Attachment One. A short summary of MERS prepared by the Mortgage Bankers Association can be found in Attachment Two.

    6 This action tells the world that there is a lien against the property. This is done to protect the lender’s interest. The recording of the mortgage puts future purchasers on notice of any outstanding claims against the property.

    7 The promissory note is not (and never has been) recorded or stored with the county land records office. The note is a negotiable instrument that can be bought and sold by endorsement and delivery from the seller to the note purchaser. This activity is governed in all fifty states by the Uniform Commercial Code (UCC) Article 3.

    8 The MERS® System is the database; MERSCORP, Inc is the operating company that owns the database; and Mortgage Electronic Registration Systems, Inc (“MERS”) a subsidiary of MERSCORP, Inc., which serves as mortgagee in the land records for loans registered on the MERS® System. For discussion purposes, “MERS” may be used in this testimony to refer to all three entities unless specifically stated otherwise.

    9 The design of the MERS® System always anticipated and required that borrowers would be able to access the system to determine the servicer of their loans. Providing such information to MERS is a requirement of membership and loan registration.

    When Congress acted last year to require that borrowers be told when their note is sold and the identity of the new note-owner,

    MERS established, within a matter of weeks, a new service called Investor ID. Of the 3,000 members of MERS, 97% agreed to disclose the identity of the note-owner through the MERS® System. Fannie Mae opted to be disclosed. Freddie Mac chose not
    to be disclosed.

    10 The issue of whether transfers of residential mortgage loans made in connection with securitizations are sufficient to transfer title and foreclosure rights is the subject of a “View Point” article entitled “Title Transfer Law 101” by Karen Gelernt that appeared in the October 19, 2010 edition of the American Banker. A copy can be found in Attachment Three.

    11 A 1993, 36-page white paper entitled “Whole Loan Book Entry Concept for the Mortgage Finance Industry” addresses the concepts underlying MERS and the problems it was designed to address. It is available upon request.

    12 The essential elements of the legal principles underlying MERS can be found in “MERS Under Attack: Perspective on Recent Decisions from Kansas and Minnesota,” an article by Barkley and Barbara Clark in the February 2010 edition of Clark’s Secured Transactions Monthly. A copy of this article can be found in Attachment Four.

    13 On loans originated by correspondent lenders or brokers (where MERS is not the mortgagee), the costs of preparing assignments and the associated filing fees are listed on the HUD-1 and paid directly by the borrower.

    14 Individual states handle real estate foreclosures differently. In some states the foreclosure process is judicial, and in some states it is non-judicial. Under both systems, time frames and terms vary widely from state to state. A brief, general, description of both processes prepared by the Mortgage Bankers Association can be found in Attachment Five.

    15 Some important recent cases upholding the rights of MERS include:

    16 A review of the use of MERS in all fifty states was done by Covington and Burling in 1996 and 1997 as part of the due diligence associated with the creation of MERS. It is available upon request.

    Read: MERS President and CEO R.K.Arnold Appears Before Senate:
    MERS President and CEO R.K. Arnold Appears Before U.S. Senate

    Washington, D.C., Nov. 16—R.K. Arnold, president and CEO of MERSCORP, Inc., testified today before the United States Senate Committee on Banking, Housing and Urban Affairs. To download a copy of his testimony, please click here. For questions, please contact Karmela Lejarde at 703-761-1274.

    http://www.mersinc.org/files/filedownload.aspx?id=667&table=ProductFile
    Originator is ‘Mortgage Broker’
    What’s Broker?
    Wells Fargo Home Mortgage storefront ‘mortgage brokers’ ordered the integrated network of affiliated attorneys, title and settlement agents, closing agents. Wells Fargo Home Mortgage a division of Wells Fargo Bank NA ‘mortgage brokers’ instructs which ‘Lender as Underwriter name to place inside the Title Policy’, and amount of the loan, and Service the secondary loans issued in the name of a third party resold at retail during origiantion as the Servicer, when the consumer as borrower signs the ‘mortgage’ and ‘deed of trust’ for the many loans, refinances, etc.

    Corporate Name: Wells Fargo as Trustee
    Address: 1015 SE 10 Street
    City,State,Zip: Minneapolis, MN 55114
    Toll Free Number:
    Direct Number: (999) 999-9999
    Fax Number: (999) 999-9999
    Primary Contact: Gretel Meier
    Website:
    Member Org ID: 1000105
    Lines Of Business: Investor, Trustee
    eRegistry Participant: No
    eDelivery Participant: No

    Notice that Wells Fargo Bank NA Doc Custody eLending is same address and are responsible for eRegistry and eDelivery is an eLender.

    ELENDING
    Corporate Name: Wells Fargo Bank NA Doc Custody eLending
    Address: 1015 10th Avenue SE
    City,State,Zip: Minneapolis, MN 55414
    Toll Free Number:
    Direct Number: (612) 667-1117
    Fax Number: (612) 667-1068
    Primary Contact: Rita Juda
    Website: http://www.wellsfargo.com
    Member Org ID: 1010074
    Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
    eRegistry Participant: Yes
    eDelivery Participant: Yes

    Again same address for Document Custodian of Wells Fargo Home Mortgage eRegistry but not eDelivery significant – direction of documents one way in.

    Corporate Name: Wells Fargo Mortgage Document Custody
    Address: 1015 SE 10th Street
    City,State,Zip: Minneapolis, MN 55114
    Toll Free Number:
    Direct Number: (612) 667-1117
    Fax Number: (612) 667-1068
    Primary Contact: Todd K. Johnson
    Website:
    Member Org ID: 1000573
    Lines Of Business: Document Custodian
    eRegistry Participant: Yes
    eDelivery Participant: No

    Now during Originations the Closing Agents of Wells Fargo Funding Inc. Correspondent eLending did ORDER nationwide the settlement agents and did order the escrow for the retail transactions payable in the name of the individual settlement agent in which that agent had an account in the corporate treasury services of Wells Fargo Asset Securities Corp in Frederick MD in which ESCROW funds were drawn from the treasury of the Seller and the deposits came in form of a Cashier’s Check or wire transfer from an unrelated third party, whose credit lines were used for the table funded loans.

    eLENDING:
    Corporate Name: Wells Fargo Funding Inc Correspondent eLending
    Address: Sixth & Marquette
    City,State,Zip: Minneapolis, MN 55479
    Toll Free Number: (100) 328-5074
    Direct Number: (800) 328-5074
    Fax Number: (800) 328-5074
    Primary Contact: Robin Hannah
    Website: http://www.wellsfargo.com
    Member Org ID: 1010064
    Lines Of Business: Investor
    eRegistry Participant: Yes
    eDelivery Participant: Yes

    And what has GMAC-RFC, Norwest got to do with ‘TRUSTEE” and Wells FArgo and Wilminton Trust Co? Wells Fargo Bank NA took over GMAC as trustee of Indenture 1998. Good reason why over 25,837 transactions are recorded in name of Norwest Asset Sec….1998-1 Trust for Registrant Norwest Minneapolis Bank, NA including this very month are responsible for the ‘distributions of the trust funds investors monies.

    Including ALS – Wilmington Trust Co (ALS) = Aurora Loan Services

    Chase Manhattan Mortgage Corp
    When is GMAC Mortgage of Iowa and GMAC Mortgage of PA also GMAC Mortgage Corp, GMAC Specialized Services, also Wells Fargo Bank NA when its not Investor or Trustee. See Gretel Meier’s transacton record above. They’ve removed the website and phone#’s, but they forgot to remove the Primary Contact. And Gretel would not – was not – is not involved in eRegistry or eDelivery. Now the attorney’s who are closign agents part of the nationwide network use eLynx which is integrated with eDelivery. You see GMAC below, they are eDelivery and eParticipant and also are in other records an intermediary funder, etc.

    Corporate Name: GMAC Mortgage, LLC
    Address: 3451 Hammond Ave Mail Code 507-345-186
    City,State,Zip: Waterloo, IA 50702
    Toll Free Number: (800) 766-4622
    Direct Number: (800) 766-4622
    Fax Number: (999) 999-9999
    Primary Contact: GMAC MERS Dept.
    Website: http://www.gmacmortgage.com
    Member Org ID: 1000375
    Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
    eRegistry Participant: Yes
    eDelivery Participant: Yes

    In testimony of RK Arnold before house, RKArnold states in footnotes that Wells and JPM don’g record their own retail transactions. Is that because they don’t trade them? Or they are done in other names? Or they record in their correspondent lending system which is integrated with MERS Members transactions, like eLynx, TD Services, LPS, etc.

    Corporate Name: JPMorgan Chase Bank, National Association (fka Chase)
    Address: 780 Kansas Lane Suite A
    City,State,Zip: Monroe, LA 71203
    Toll Free Number: (800) 526-2406
    Direct Number: (800) 526-2406
    Fax Number: (318) 550-3334
    Primary Contact: Rachel Pylant
    Website: http://chaseonline.chase.com/chaseonline/logon/sso_logon.jsp
    Member Org ID: 1000277
    Lines Of Business: Originator, Servicer, Subservicer, Interim Funder, Investor, Document Custodian
    eRegistry Participant: No
    eDelivery Participant: No

    Who was the Mortgage Bankers Finance Group, as Mortgage Bankers an owner with Freddie Mac. And interesting, an Interim Funder who does participate eRegistry and eDelivery

    Corporate Name: Wells Fargo Bank NA – Mortgage Banker Finance Group
    Address: 2500 Northwinds Parkway Suite 200
    City,State,Zip: Alpharetta, GA 30009
    Toll Free Number: (800) 753-7765
    Direct Number: (678) 867-1078
    Fax Number: (678) 893-0522
    Primary Contact: Kelly Kucsma
    Website:
    Member Org ID: 1006404
    Lines Of Business: Interim Funder
    eRegistry Participant: Yes
    eDelivery Participant: Yes

    Secondary loans that Underwriters during Origination approved (95% maximum per Indenture and Trustee Agreement with Wilmington Trust Co when Wells Fargo Bank NA Trustee, were also resold during Origination by MEMBERS at RETAIL and those transactions serviced by Wells Fargo Home Mortgage a Division of Wells Fargo Bank NA serviced the ‘Retail’ transactions but disclaim any ownership of the sale (aginst the bank secrecy act to sell a loan twice or Wells Fargo would have to claim the profit and the property could or could not? be part of the 1031 property exchange? Handled by the Closing Agents and Correpsondent Lending division of Wells Fargo Bank NA.

    S E R V I C E R
    Corporate Name: Wells Fargo Home Mortgage a Division of Wells Fargo Bank NA
    Address: 2701 Wells Fargo Way x9998-012
    City,State,Zip: Minneapolis, MN 55467-8000
    Toll Free Number: (800) 288-3212
    Direct Number: (651) 605-3711
    Fax Number: (952) 562-0980
    Primary Contact: Masse Adjetey
    Website: http://www.wellsfargo.com/per/mortgage/mg_overview.jhtml
    Member Org ID: 1000113
    Lines Of Business: Originator, Third Party Originators, Servicer, Subservicer, Interim Funder, Investor, Document Custodian, MERS 1-2-3
    eRegistry Participant: Yes
    eDelivery Participant: No

    Wells Fargo ‘Email physical address’ of ‘mortgage brokers’, sales adminis, sales managers, inside nationwide ‘storefronts’ all employees of Wells Fargo Bank NA since June 2004 in all 50 states.

    Corporate Name: Wells Fargo Home Mortgage
    Address: 2701 Wells Fargo Way X9998-012
    City,State,Zip: Minneapolis, MN 55467
    Toll Free Number:
    Direct Number: (651) 605-3711
    Fax Number: (952) 562-0980
    Primary Contact: Masse Adjetey
    Website:
    Member Org ID: 1005298
    Lines Of Business: Servicer, Subservicer, Investor, Document Custodian
    eRegistry Participant: Yes
    eDelivery Participant: Yes

    Corporate Name: Wells Fargo Bank NA Doc Custody eLending
    Address: 1015 10th Avenue SE
    City,State,Zip: Minneapolis, MN 55414
    Toll Free Number:
    Direct Number: (612) 667-1117
    Fax Number: (612) 667-1068
    Primary Contact: Rita Juda
    Website: http://www.wellsfargo.com
    Member Org ID: 1010074
    Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
    eRegistry Participant: Yes
    eDelivery Participant: Yes

    Can’t have Federal Savings Bank as purchaser of real estate assets be process transactions of a national bank and for the good readon Wells Fargo Bank NA fka Wachovia Mtg FSB at the correspondent lending address does not particpate in eRegistry or eDelivery – all the Wachovia mortgages being serviced were integrated into Wells Fargo Home Mortgage systems by July 2009.

    Corporate Name: Wells Fargo Bank, NA fka Wachovia Mtg FSB
    Address: 2701 Wells Fargo Way x9998-012
    City,State,Zip: Minneapolis, MN 55467-8000
    Toll Free Number: (800) 288-3212
    Direct Number: (651) 605-3711
    Fax Number: (651) 605-7381
    Primary Contact: Thresa Russell
    Website: http://www.wellsfargo.com/per/mortgage/mg_overview.jhtml
    Member Org ID: 1006487
    Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
    eRegistry Participant: No
    eDelivery Participant: No

    Why were the secondary loans put into the first lien position on the homeowners policy using the amount approved by the Underwriters and not the am

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