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mers: More attorney fallout from the foreclosure crisis - 03/12/11 10:23 AM
 
  Freddie Mac is dropping one of the law firms in Florida that is under investigation for the handling of home repossessions.The Marshall C. Watson Law firmWill the removal of files from law firms around the country become more of the rule than the exception as improprieties continue to be exposed?This from the blogs at The Palm Beach Post  Freddie Mac takes foreclosure files from Fort Lauderdale-based Marshall C. Watson law firm by Kim Miller
Federal mortgage backer Freddie Mac is taking its foreclosure cases from the Fort Lauderdale-based Marshall C. Watson law firm, one of eight Florida firms facing … (1 comments)

mers: AG-Mortgage Servicers term-sheet; A non-starter? - 03/12/11 10:16 AM
From The Hallmark Abstract Sentinel, courtesy of Hallmark Abstract Service in New York March 7, 2011 a term-sheet for a settlement with the mortgage servicers was released by all the 50 states attorney's general.
A first blush analysis of this proposal made the reader think more of a light slap on the wrist than of any real punitive punishment. For example:
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Of the 27 points presented most are items the servicers should already have been doing, and dealing … (1 comments)

mers: Foreclosure fraud: The Movie - 03/03/11 04:03 PM
MERS, LPS, Bogus assignments This short clip provided and narrated by stopforeclosurefraud.com goes through one particularly egregious example shoddy/bogus/fraudulent documentation. This is just the tip of the iceberg that caused a bank the size of HSBC to freeze foreclosures.
… (0 comments)

mers: SERS not MERS! - 02/24/11 12:05 PM
SERS not MERS!
If you have been a reader of The Hallmark Abstract Sentinel then by now you are aware of MERS and the controversy that surrounds it. The Mortgage Electronic Recording System has been at the heart of questionable foreclosures due to standing issues, as well as for having aided in the avoidance of untold millions in recording fees not paid to counties.
It was only a matter of time before someone came up with a way to digitize marriage recordings in a system known as SERS, the Spouse Electronic Recording System (H/T 4closure Fraud).
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mers: MERS and the avoidance of mortgage recording fees is the next shoe to drop - 02/23/11 10:07 AM
From Hallmark Abstract Service LLC
MERS (Mortgage Electronic Registration System) and the avoidance of mortgage recording feesCurrently MERS is dealing with a storm in the foreclosure arena over whether or not a lender was legally able to foreclose on a mortgage in MERS name. This has led the firm to issue an announcement instructing all of its members to cease this practice immediately ("Is MERS attempting to put the genie back into the bottle with yesterdays announcement")Remember that MERS was established for the purpose of creating an electronic system that was able to easily assign mortgages from one entity to another. … (0 comments)

mers: Is MERS attempting to put the genie back into the bottle with yesterdays Announcement? - 02/17/11 12:30 PM
From The Hallmark Abstract Sentinel (http://hallmarkabstractllc.blogspot.com)
MERS - The Mortgage Electronic Registration System issues an Announcement that appears to be an attempt to put the genie back into the bottle
Summary: MERS has told its members not to foreclose in its name on home loans, effective immediately.
As a recap for those not closely following the issues surrounding MERS and foreclosures, this is hopefully a clear summary of an extremely complicated situation:
The MERS-Mortgage Foreclosure story
In the old days a potential borrower would go to their local bank, apply for a mortgage, qualify for the … (1 comments)

mers: MERS takes a hit in N.Y. decision In re: Ferrel L. Agard in the Bankruptcy Court in the Eastern District of New York - 02/13/11 01:51 PM
While this decision does not help Ms. Agard (due to Res judicata) it does seriously call into question the validity of MERS assigning mortgages on behalf of its members/lenders.
These are some excerpts from the decision which can be read in its entirety here.
"...The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States. However, the Court must resolve the instant matter by applying the laws as they exist … (0 comments)

 

Michael Haltman

Jericho, NY

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Hallmark Abstract Service LLC

Address: 131 Jericho Turnpike, Suite 205, Jericho, NY, 11753

Office Phone: (516) 741-4723

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The Hallmark Abstract Sentinel is written for the purpose of keeping our clients and subscribers current on any issues that may have the potential to impact the real estate, mortgage or title insurance markets. Examples of these issues include the current foreclosure crisis and the potential that foreclosures already completed could be overturned due to a variety of legal issues.


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