Tuesday, February 17, 2009

D-Day vet's tale parallels mortgage meltdown

msnbc.com: "CERRITOS, Calif. - Questions linger here, as ripe and nagging as the odor that once wafted over this former dairy capital: Who is trying to seize the home of Ray Vargas, child of the Great Depression, D-Day veteran and loving husband who just wanted to do right by his dying wife? And are they entitled to it?
In bankruptcy court documents, the party attempting to foreclose is identified as Mortgage Electronic Registration Systems Inc., or MERS, a small Vienna, Va.-based company employed by lenders to streamline the resale of mortgage loans and servicing rights. In that role, MERS claims an interest in tens of millions of U.S. home loans and the legal right to foreclose on those in default.
But MERS never gave Vargas a loan. It never collected money from him or recorded his payments. It had no ability to modify his loan.
What it did have was a copy of a document that named it a “beneficiary” of the mortgage on his home and a “nominee” for the lender and “lender’s successors and assigns.” But it has never identified the current holder of the loan."

1 comment:

  1. Mers is a corporation and a corporation cannot sue for another corporation. There are some florida forclosure cases by Mers that were thrown out, because mers was not the lender and tried to forclose as nominee for the lender.