Very early into this debacle, I mentioned about making the bank show the note, and mentioned it a number of times since. I mentioned it before I heard of anyone else mentioning it, and was glad when I began to hear others mentioning it, not many people seemed to be listening, despite everything they owned being dumped in a heap on the curb and the locks changed on their homes.
I mentioned it other places beside cyberspace. People stared at me as though they were vexed cows looking at a cartoon animation running around their pasture.
U.S. Bankruptcy Judge Robert E. Grossman in Central Islip, New York, in a decision he said he knew would have a “significant impact,” wrote 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.”
Merscorp was created in 1995 to improve servicing after county offices couldn’t deal with the flood of mortgage transfers, Karmela Lejarde, a spokeswoman for MERS, said in an interview last year. The company tracks servicing rights and ownership interests in mortgage loans on its electronic registry, allowing banks to buy and sell the loans without having to record the transfer with the county. It played a major role in Wall Street’s ability to quickly bundle mortgages together in securitized trusts.
A jerk would cop an attitude about this sort of thing, begin to feel people were stupid cows and stupid cows are for milking and for herding and for slaughter.