Las Vegas real estate loans – who's on first ??

The Mortgage Electronic Registration System (MERS) records the ownership of residential mortgages for the mortgage banking industry, including a large portion of Las Vegas real estate loans. In fact, approximately fifty per cent of all securitized mortgages nationwide run through this ephemeral system that apparently lacks the legal standing necessary to conduct a proper foreclosure. Another by-product of the fraud otherwise labeled as “financial engineering” by sycophants of Wall Street, the MERS system seems to be in a bit of a legal pickle. U.S. District Judge Kent Dawson ruled thus … just yesterday …

“Since MERS can provide no evidence that it was the agent or nominee for the current owner of the beneficial interest in the note, it has failed to meet its burden of establishing that it is a real party in interest with standing,” Dawson said

Wow, it just so happens that MERS doesn’t actually lose any money when a borrower fails to pay their mortgage. The rocket scientists that designed the system were able to disengage it from the real world process of lives being ruined to such a degree that it has no standing in interest at all. That must have been hard to do !!

What does this mean back on planet real estate for real people ?? Foreclosures will take even longer to process and execute, short sales will gain further as an increasingly viable option and people in Las Vegas will be able to live even longer in their houses for free at the expense of genius bankers.

Wow, what a world we live in …

Judge upholds rule on foreclosure

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