If you have taken out a mortgage on (or refinanced) your home (or business property) in the last 10 years or so chances are the title of your property is clouded so badly that no one can legally foreclose on your loan. This is the result of an illegal, little known operation that was specifically setup to expedite the rapid securitization and trading of mortgage securities. Further it was explicitly devised to circumvent the centuries old democratic process of recording property ownership and mortgages against those properties at county clerks offices across the country.
See the quotes below, read Barry Ritholtz’ take on it here: http://bit.ly/yGMaGc or read the whole article here: http://harpers.org/archive/2012/01/0083752 Not a subscriber? $15.00/year through Amazon: http://amzn.to/zQDafi Continue reading “… every MERS mortgage is defective” a NY State Supreme Court judge.