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View Diary: Updated: Wells Fargo PWNED! My Pop Helps Homeless Family Find a Home (214 comments)

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  •  HERE is why things are all screwed up now.. (6+ / 0-)

    MERS

    This is their motto.... no shit..

    "Process loans, no paperwork".

    Which is why the banks are royally screwed right now..   the slicing up of mortgages into securities (Tranches) to be sold all over the world to anyone with a couple of bucks means even when MERS was used the paperwork never really was kept up to date.

    The banks "Could" fix this by having to go back and actually generate a chain of custody for each NOTE, WHICH IS TIME CONSUMING and they cannot afford, not and keep their bottom line all pumped up.

    Too frigging bad!!  BOFA and CITI can go suck rocks for all I care... zombie blood sucking bastards.

    Word on the street is Citi might fail pretty soon.

    GOP motto "Mean and stupid hasn't worked, but it's what we know, so we're sticking to it."

    by Nebraskablue on Thu Oct 14, 2010 at 06:11:37 PM PDT

    •  Bingo (7+ / 0-)

      it's getting scary out there...partly because of MERS, there are hundreds of thousands if not millions of homes out there that REALLY...REALLY...nobody really knows who has a right to that house. The house you've been living in has been traded as a commodity for decades and who the fuck knows who actually holds the various interests now.

    •  Are banks still doing this as of this year? (1+ / 0-)
      Recommended by:
      AnnCetera

      Just curious... what should people expect if they bought a house in 2009 or early 2010?  

      •  Yes, they are. (1+ / 0-)
        Recommended by:
        AnnCetera

        They've cleaned up a small number of the grossly disastrous things they've been doing, but most are still in place even today.

        If your bank gave you a loan which they promised not to resell -- and with MERS nowhere in the documentation -- then you're safe.  Many local banks and credit unions offer this as an option (usually at added cost).

        It's worth it.  (Unless, when buying, you already plan to default on the mortgage and abandon the house!)

        -5.63, -8.10. Learn about Duverger's Law.

        by neroden on Thu Oct 14, 2010 at 07:32:14 PM PDT

        [ Parent ]

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