Bank of America and Other Lenders In The Hot Seat Once Again
Question is, how do you foreclose on a home when you can't figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?
MERS was the result of a partnership formed back during the Clinton years between Fannie Mae, an ostensibly government-sponsored agency that morphed into a very much for-profit mega-Wall Street hustler, and Countrywide, the largest and most rapacious of the private mortgage marketers.
The scam of computerized credit approval and mortgage certification they came up with was subsequently embraced by Freddie Mac, the other huge housing agency, and the leading Wall Street banks joined in the feeding frenzy. MERS owners now include Wells Fargo, AIG, GMAC, Citigroup, HSBC, the two housing agencies and Bank of America. But the courts are increasingly challenging MERS claims to the right of foreclosure since this whole racket, which bypasses the power of counties to register property ownership, was never authorized in the law.
A popular foreclosure stall process is called “produce the note” or “forensic audit”. These two types of processes can sometimes stall out the process of foreclosure. If you receive a summons to go to court to validate the debt that you owe, you can ask the court to have the lender track down the original signed mortgage note. Often times the servicing lender may or may not have the original on record. The court will give the lender so much time to produce the original signed note. If you have any questions in regards to who actually owns your mortgage you may want to contact your lender directly or contact an attorney for legal advice.