A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.
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Showing posts with label Mortgages. Show all posts
Showing posts with label Mortgages. Show all posts
Tuesday, September 22, 2009
Thursday, September 10, 2009
Saturday, May 02, 2009
One £285m Mortgage Rescue scheme. One Family Helped
It was announced with much fanfare in September at the height of the banking crisis - the government's big idea to stop vulnerable people being thrown out of their homes. But yesterday it emerged that the mortgage protection scheme has so far helped just one family across the whole of the UK.
Wednesday, November 26, 2008
Fed Risks ‘Spitting in the Wind’ With New $800 Billion Pledge
The Federal Reserve’s new $800 billion effort to combat the financial crisis is designed to make credit more accessible to shaken consumers who aren’t sure they want more debt.
Households and lenders may not respond much because of the wealth destruction from plunging property and stock values, and the deepening economic slump, economists say. That means banks may end up returning the Fed’s new liquidity through deposits at the central bank.
Households and lenders may not respond much because of the wealth destruction from plunging property and stock values, and the deepening economic slump, economists say. That means banks may end up returning the Fed’s new liquidity through deposits at the central bank.
Tuesday, September 09, 2008
Now will Gordon Brown Follow America's Lead And Save Our Housing Market?
Gordon Brown is under growing pressure to follow America's example and rescue the British housing market.
The U.S. Government's dramatic weekend decision to bail out its biggest mortgage companies set off a surge in share prices around the world.
It also exposed the timidity of the British government when faced with the meltdown at Northern Rock and the collapse of property sales.
A Treasury review is already being held into the way the housing market is financed in the UK.
The Chancellor, Alistair Darling, is due to decide within weeks whether to back an expected recommendation to provide taxpayer backing for mortgages worth billions.
Read more...
The U.S. Government's dramatic weekend decision to bail out its biggest mortgage companies set off a surge in share prices around the world.
It also exposed the timidity of the British government when faced with the meltdown at Northern Rock and the collapse of property sales.
A Treasury review is already being held into the way the housing market is financed in the UK.
The Chancellor, Alistair Darling, is due to decide within weeks whether to back an expected recommendation to provide taxpayer backing for mortgages worth billions.
Read more...
Sunday, September 07, 2008
Record bail-out in US of Fannie Mae and Freddie Mac
THE US TREASURY will today announce a rescue of Fannie Mae and Freddie Mac, two giant American mortgage banks, in what is likely to be the biggest financial bail-out of recent history.
The move may trigger a bounce in global stock markets tomorrow. However, analysts warn that some of the uncertainties that plagued the markets last week, including worries over the duration of the credit crunch, will persist.
Henry Paulson, the US Treasury secretary, is believed to have told the chief executives of the two government-sponsored enterprises - Fannie Mae’s Daniel Mudd and Freddie Mac’s Richard Syron - that they will lose their jobs when the two firms, which control about 75% of the US mortgage market, are put into “conservatorship” today.
The boards of both Fannie Mae and Freddie Mac have been attempting to resist moves by the Treasury that would wipe out shareholders.
Paulson, however, is said to be keen to ensure any support for the companies comes at a price. The US government’s cash injection is expected to be between $15 billion (£8.5 billion) and $20 billion.
Read more...
Great isn't it?
You the taxpayer gives the US government your hard earned cash, $20 billion
They buy the mortgages on your house.
They now own your property and you paid them to do it.
When will you people wake up!
The move may trigger a bounce in global stock markets tomorrow. However, analysts warn that some of the uncertainties that plagued the markets last week, including worries over the duration of the credit crunch, will persist.
Henry Paulson, the US Treasury secretary, is believed to have told the chief executives of the two government-sponsored enterprises - Fannie Mae’s Daniel Mudd and Freddie Mac’s Richard Syron - that they will lose their jobs when the two firms, which control about 75% of the US mortgage market, are put into “conservatorship” today.
The boards of both Fannie Mae and Freddie Mac have been attempting to resist moves by the Treasury that would wipe out shareholders.
Paulson, however, is said to be keen to ensure any support for the companies comes at a price. The US government’s cash injection is expected to be between $15 billion (£8.5 billion) and $20 billion.
Read more...
Great isn't it?
You the taxpayer gives the US government your hard earned cash, $20 billion
They buy the mortgages on your house.
They now own your property and you paid them to do it.
When will you people wake up!
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