How do I get this rolling in Alabama? Do I send this to my rep. Mr. I serve the banks Bacchus, or my senators, which aren't much better?

Jstanley, I wouldn't hold my breath...when the Supreme Court ruled that corporations are 'persons' and nullifying corporate charter limits happened, etc, the unintended consequences were MASSIVE...yet, absolutely nothing happened except that we have mega corporations now running the country. This is peanuts, if congress preempts this proposed law, again, nothing will happen...business as usual...the feds are always right...yada yada...

I side with Karl on this one. The Feds don't have jurisdiction. Any state worth its salt can stop Federal jurisdiction. This isn't about the UCC either. It is land titles. We are talking about the goods, not the notes.

Quote:

have always said housing (pricing) will go to zero because no one will be able to actually sell their house.

Unless you don't have a mortgage. Does that mean my home's price will go to the moon?

Mpilar,the IRS has deemed a corporation a person for years. People aren't persons. Person comes from the Greek Persona and means mask. The persons that aren't persons are the ones that think they are. Humans and men are not on the list. Law is nothing but a word game.

Mann, corps have been 'persons' (with all the rights of individuals) since 1886 or somewhere thereabouts...long predating the IRS. You're right though...person, humans, etc...it's a mess legal terminology to try and make any sense of it all. But loosing restrictions on corporate charters (time limits, only for public svc, etc) was one of THE worst things that happened to this country and yet nothing was done about it from anybody...my point is, nothing will be done about this if the feds decide to preempt it. The states will huff and puff, then slink on their knees for a bit of the federal stolen pie.

tenerre wrote..

title insurance...ha!...all the title insurance companies were destroyed in 2008. they dont have the funds to pay claims and that will just get worse.

Idon't believe the title insurance companies have anything to worry about. They act as bond agents, not insurance companies. They do nothing but warrant the seller will perform on his warranty. I would venture there will be few if any challenges to any paid off notes. I wouldn't be surprised if the banks that paid the foreclosed money to move outof the house didn't get clear title signed over in the transaction. I have seen enough to think these bankers knew they ****ed up a long time ago. Whoever represents authority to sign to sell a property is warranting title. If they won't warrant title, a title insurer won't insure. You should read your title policy some time, if you have one.

Please note, this is not a "done deal" - it's only pending legislation. However, it is interesting that testifying in committee against the bill was one "William Hultman, SR VP of MERS". So what's a national company like MERS doing sending a sr vp to testify against a bill in a little ol obscure Arizona committee hearing? hmmmmmm.

The MERShole is about to get this:

@Half: Isn't _every_ "employee" of MERS a Sr. VP?

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@Half: Isn't _every_ "employee" of MERS a Sr. VP?

As long as they bought their "stamp"... what was it, $25 or some stupid ****?
I would love to buy a "stamp" and get declared a MERS VP. I could probably cancel at least 3 or 4 thousand mortgages before they got me arrested.
Wouldn't that be fun! (Assuming I could make immediate bail that is.)

Mannfm11 wrote..

Law is nothing but a word game.

^^^
Mpilar: This.

It is the inhabitants of Babylon on the Potomac and their pigmen pals, in the first instance, who have nullified the rule of law and shoved the issue into the realm of politics.

Hardball politics, that is. ****-you-and-if-you-don't-like-it-roll-tanks type of politics. The pressure for which can only build as "the governed" become more and more disgusted with being cornholed 24/7 by a central government that has been captured by private financial interests, and shift their "consent" closer to home.

Yes the states have for the most part rolled over for the banksters so far. But thirty-some have filed suit against ObamaCare and now this out of Arizona. As the bubble that is the U.S. government implodes and the shrapnel peppers the state capitals, I'm looking for power to devolve.

The way I see it, when the "Game Over" light flashes for TPTB, it's gonna either be that or Mad Max. We'll see.

No, MERS CORP. only has around 50 real employees, and MERS Inc. is just the database and has zero employees.

All the VPs work for other companies, and actually have to pay MERS for the honor of being a MERS VP.

Hultman is the real deal.

http://stopforeclosurefraud.com/2010/06/....

http://www.scribd.com/doc/36521121/Full-....

He appears to be the banksters designated, nationwide, mouthpiece for all important legislation/lawsuits.

@MO - 'Does that mean my home's price will go to the moon?"

if your house costs more than anyone can afford...will you be able to sell it. there is a classic photo of a rolls royce with a $100 price for sale during the depression....

@ Mannfm11 - title insurance i buy to protect myself...not my payment...that is pmi. if i buy a foreclosure and the previous tenant trys to take the house back and the judge rules in their favor...and i paid cash....my title insurance should pay me back...if they have the funds.

Quote:

MERS: The Mortgage Database That's Clouding Millions of Titles
By ABIGAIL FIELD
Posted 10:00 AM 12/06/10

On Dec. 2, the House Judiciary Committee held a hearing on the mortgage mess. Perhaps the most disturbing testimony was the written submission from Christopher Petersen, associate dean for academic affairs and law professor at the University of Utah. Petersen detailed how the banks, Fannie Mae, Freddie Mac and Ginnie Mae destroyed America's land-record system, a method of tracking property sales that's existed since colonial times. Instead, they put in place a system called "MERS" (for Mortgage Electronic Registration Systems) that's legally shaky, makes tracking mortgage-note ownership extremely hard and may be clouding the title of millions of properties.

But the MERS situation could be even worse than Petersen described to Congress: Millions of documents, including millions of foreclosure documents, may have been signed in MERS's name by people without the power to do so. A lack of authority would call into question the validity of all those documents. While the ramifications are uncertain, the bottom line is, as Petersen told me: "This issue injects yet another level of uncertainty into the already murky swamp of foreclosure nonsense."

At a minimum, the deposition of William Hultman [HB's second link, above], MERS corporate secretary and treasurer, and related documents that expose the issue reveal yet another example of the mortgage and foreclosure industry's carelessness with the rule of law.

See full article from DailyFinance: http://srph.it/f7Z6MO

And the politicos in D.C. are going to enshrine this **** into law?

Since RK Arnold jumped ship, Hultman would be most senior left at MERS.

Ultimately those who purchased foreclosed property will be rescued by the doctrine of Adverse Possession. That is if they occupy or rent out the property and pay their taxes for a number of years they can use Adverse Possession against any other claimants and sell. However, while this doctrine is available in most western states, it is not available in all. This new law if approved in Arizona will make “flipping” difficult but should be survivable for those with a long term horizon.

Last week, Karl wrote a ticker "Why the Shills are wrong" http://market-ticker.org/akcs-www?post=1....

This potential Arizona law is a great example of what was missing from that analysis -- Off Balance Sheet Exposures of the Banks. None of the potential exposures from this Arizona law are discussed on a single bank GAAP financial statement (or ANY SEC Filings). It is exposures like these or those from credit default swaps that have the potential to detonate and wipe out depositor funds due to losses >60% of book assets.

Dr. Richard

Mannfm11, in Blacks Law dictionary, the 1st definition of "person" is a human being, or natural person. The 3rd definition is "an entity (such as a corporation) that is recognized by law as having most of the rights and duties of a human being".

Fed said:

Quote:

This new law if approved in Arizona will make “flipping” difficult but should be survivable for those with a long term horizon.

Actually, it will make "flipping" probably the best money making opportunity I've encountered in over 30 years of real estate. Caveat: You better know what you're doing, and how to do it!

If corporations have the rights and duties of a human being, they should be subject to the death penalty (liquidation) for certain offenses and crimes. No more agree to pay a penalty but neither admit nor deny wrong doing.

The banks will be able to fraud their way around this.
They have again and again.
Pay off the politcos, confuse the good judges and threaten financial collapse.
Very worthy of that bonus.
Doing gods work. More like doing greeds work.
All empires seem to implode from illusions of entitlement.

Can't wait to hear the rest of the country on this if it passes. This has to be racist somehow. lol

I wonder if the banks will proceed with foreclosures on all the homes they have delayed filing on before the law is passed and goes into affect?

This could be fun watching them bring back all the nonperforming loans onto their books.