Maybe our state Attorney Generals will have to take a look at this article and recent MERS cases. It looks like many state laws may have been violated on a massive scale in the sale of millions of securitized mortgages that were packaged, sliced, diced and then sold around the world.
Like these banksters did not know what they were doing? Yeah and Angelo Mozilo wasn’t really tan and the economy is coming out of the recession. Oh and did you know elephants now fly?
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Banks have long run roughshod over the law. Indeed, their so-called “profits” virtually demand it in this world of lies, deceit and outright fraud. In several states, including Florida, judges have been nothing more than handmaidens of these “enterprises”, despite black-letter law in this state (and most others) that demand an unbroken chain of original, wet signatures in the assignment of interest.
If you can’t produce the documents, by statute, you have no standing to foreclose.
Period.
The willful destruction or non-retention of these original documents makes the securitizations fraudulent, as they were sold off to investors as being “asset backed” when in fact they were not, as being “asset backed” requires compliance with state law in the perfection of security interest. More importantly all of the actors involved, including the securitizing banks, MERS and similar institutions, were aware at the outset that they did not comport with the laws of these states. These “missing documents” are not an exception or an “occasional” circumstance they are in fact the rule rather than the exception.
