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Today the news is circulating about Judge Robert Grossman from Central Islip, NY who has ruled the Mers process is illegal. Most of figured this out long ago and there have been a few similar rulings, but the momentum is mounting and each step builds to future legal decisions being correct.
Today the decision is more clear and John compared Judge Grossman's ruling to Arizona Law. If you live in another state feel free to post your specific state law in the comments.
This is a partial quote from the ruling:
US Bankruptcy Judge Robert Grossman in Central Islip, NY states in his court decision that ”the membership rules of the company’s Mortgage Electronic Registration Systems, or MERS, don’t make it an agent of the banks that own the mortgages..."
“MERS’s theory that it can act as a ‘common agent’ for undisclosed principals is not supported by the law,” Grossman wrote in a Feb. 10 opinion. “MERS did not have authority, as ‘nominee’ or agent, to assign the mortgage absent a showing that it was given specific written directions by its principal.”
“MERS’s theory that it can act as a ‘common agent’ for undisclosed principals is not supported by the law,” Grossman wrote in a Feb. 10 opinion. “MERS did not have authority, as ‘nominee’ or agent, to assign the mortgage absent a showing that it was given specific written directions by its principal.”
As John Stuart provided; the following is the ARS (Arizona state law). bolding is mine:
33-412. Invalidity of unrecorded instruments as to bona fide purchaser or creditor
A. All bargains, sales and other conveyances whatever of lands, tenements and hereditaments, whether made for passing an estate of freehold or inheritance or an estate for a term of years, and deeds of settlement upon marriage, whether of land, money or other personal property, and deeds of trust and mortgages of whatever kind, shall be void as to creditors and subsequent purchasers for valuable consideration without notice, unless they are acknowledged and recorded in the office of the county recorder as required by law.
B. Unrecorded instruments, as between the parties and their heirs, and as to all subsequent purchasers with notice thereof, or without valuable consideration, shall be valid and binding.
edit to add: You may also enjoy more coverage of this topic on Neil Garfield's Living Lies posting where the following quote from Bloomberg was found:
"“MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process,” Grossman wrote. “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law."
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tags: Arizona law, Mers, mers illegal, recording fees, county recorder office, foreclosure, mortgage fraud, foreclosure fraud, showmetheloan.net, show me the loan, fight foreclosure fraud, foreclosure defense
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