April 11, 2011 … Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corp (FDIC), Office of Thrift Supervision (OTS) and Federal Housing Finance Agency (FHFA) all ganged up on Mortgage Electronic Registration System MERS. And I mean ganged up on it.
A consent decree was issued this Tuesday telling MERS it had 30, 60 and 90 days (respectively) to get all kinds of things done – all boiling down to:
GET YOUR ACT TOGETHER!
Seems the Government doesn’t like the way the foreclosure process is working out. Oh, and it’s costing everyone a LOT of money to clean up.
It appears that the nutty court cases across the country – and maybe the recent 60 Minutes segment – all have gotten the attention of our “leaders” in Washington.
But Wait; There’s More!
April 13, 2011 … In the ever increasing number of cases impacting MERS, the Federal Bankruptcy Court (Southern District – California) came out roaring – again. The case: In re Salazar . The holding: A MERS membership agreement is not the same as an assignment of the Deed of Trust. So, bye, bye, US Bank. It didn’t get the right to foreclose on Ms. Salavar. Why? Because no assignment of the beneficial interest in the Deed of Trust was recorded to US Bank before the foreclosure.
Ah, those pesky little details. They’ll getcha every time.