--- In [email protected], "theshortsalepro" <[EMAIL PROTECTED]> wrote:
>
>
> The complexities and cross securitization of mortgage debt will be
> anything but easy to unravel which was brought to light by an Ohio
> Circuit Court's recent ruling, essentially tossing out 14 foreclosure
> lawsuits because the 'lender?" could not legally establish its
> standing and right to foreclose.
This refers to MERS, the organization formed to hold the loan as the
hot potato gets passed around. The county clerks in Long Island
refused to record mortgages named to MERS instead of the real lender
and the NY courts threw out cases brought by MERS. The judges were
right, because with the "private" and non-recorded assignments between
different holders of the loan the public has no knowledge of who
actually holds the loan or who has the right to foreclose. That is why
there is a public recording system. If it is not recorded it is
difficult to enforce.
Anyting to cut costs and maximize profits.
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