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The Real Problem Facing the Housing Market
Presented
By
Mike Morrison, CNE
Will & Will Real Estate Brokers
The Woodlands, Texas
I have to lay some ground work so you can follow the slight of hand from this guy.
The REAL CRISIS we face is the Broken Chain of Title on over 30 million properties. You will see this play out in Courtrooms all
over the US.
“ Robo-Signers” aren’t the real problem. They are just a diversion from the complete fraud perpetrated on the US TAXPAYER. This fraud could have gone on for a while longer if the paperwork was
done right. Greed got in the way.
How a Mortgage Loan is SecuritizedAnd Where the Chain Of Title was Broken
Confusing Huh? Maybe This is Easier
MERS as Servicer REMIC
Nearly all Service Agreements required that the rights, Title and interests in the Mortgage Loans be transferred to the Trustee of the Real Estate Mortgage Investment Conduit (REMIC) on the day of closing. (purchase of the MBS ) Also, an Assignment of the Mortgage must accompany each note. ( Signed by the Servicer )
MERS did not hold any Mortgage Notes. The true owner of the notes should have
been the REMIC. BUT, the REMIC did not have the notes either. Chain of Title Broken Here.
So, what do We Have ?
On the surface, it appears that whatever is in the Trusts that hold the MBS is nothing but unsecured paper since the note assignments were never signed by the Servicer MERS.
A lawyer told me recently; Federal Law may only determine if a right to property exists.State Law determines absolute rights to property.
The Lawyers and CPA’s Relief Act of 2010 is officially under way.
Disclaimer
I am not an attorney, just a real estate agent. The info contained in this presentation is for educational purposes only. No investment advice is
offered.
Contact Info.
I welcome your questions and comments.
Email Mike Morrison
Disclaimer
I am not an attorney, just a real estate agent. The info contained in this presentation is for educational purposes only. No investment advice is
offered.
Contact Info.
I welcome your questions and comments.
Email Mike Morrison
