Oct 07, 2010 3:07 AM GMT
beneful1 saidWouldn't Title Insurance cover your ass if later you found out your purchase wasn't as "legal" as it should have been?
west77 saidMERS was an interesting animal. I am still wondering why none of the states who get fees from transfers never went after MERS for allowing companies to save (according to MERS itself) "almost one billion dollars." The problem that some judges seem to have with MERS filing the paperwork is that they are only a registration company and that it is very strange for a registration company to be able to file foreclosures. Also the lack of transparency and the fact that they have been unable on a number of occasions to produce the original ink signed copies they are supposed to keep on file.
Another link for those interested.
Basically, it says that Ohio is now filing a lawsuit against Ally (GMAC). With states being so strapped for cash I would be a little worried if I were busy foreclosing on houses without all of the proper paperwork. "This is big news. I just got off a conference call with Richard Cordray, the Attorney General for the state of Ohio. He has filed a lawsuit... The lawsuit alleges fraud on the part of GMAC, along with violations of the Ohio Consumer Sales Practices Act, in filing false affidavits to mislead the courts in what they describe as “hundreds” of Ohio foreclosure cases. And, the Attorney General is treating every single false affidavit filed in an Ohio court as a separate violation, with a fine of up to $25,000, plus additional restitution for the homeowner of an unspecified amount."
Easy to see why they have halted foreclosures in the 23 states where courts have jurisdiction over home seizures. Sad that they have not halted them in all states until they can figure this out. I suppose they see profit in the states with less protection for the home owners and possible fines and expenses in the other states.
Finally, if anybody has read this far or still cares- score one for the little people. Obama sent a crappy bill back to congress concerning foreclosures. It is a "pro-Obama" piece that would be hard to place anywhere else on RJ, but is worth a read. http://news.ino.com/headlines/?newsid=6897378888793
mickeytopogigio saidWait a minute. I thought Barney Frank encouraging high-risk, low-income minorities to buy a house on an ARM was what caused the real estate and credit crisis. Huh. I guess you can't believe everything you hear on Fox.