Jeff Nielson wrote an article on Seeking Alpha. He explains the Whole Fraud of MERS by the Wall street Banks. He warns against buying Foreclosures!
Portions:
Readers must understand how our legal systems operate. A party which has defective title to a property (i.e. the Wall Street banks) can never pass "good title” to any buyer. From the time that defect is created, no subsequent buyer can ever own that home, legally. Should that defect be discovered – several years later – by the original owner, that owner then has several more years in which to file a claim (based upon our limitations statutes).
If the original owner can demonstrate that he was stripped of his title through one of these millions of acts of Wall Street fraud, the original owner must and will be awarded clear title to that property, without one penny of compensation to the new owner.
The most-obvious warning siren applies to foreclosure sales. Previously seen as a way to get a cheap home, it now appears more like a way to buy a home with a ticking-bomb inside it. No one in the U.S. should consider purchasing a foreclosed property without conducting extensive research on its title.
Much of this additional uncertainty can be attributed to the Wall Street creation known as “MERS”. This private company was created by Wall Street to attempt to bypass established legal procedures for financial companies to hold and transfer mortgages. The Wall Street fantasy was that any one of the Oligarchs could submit a file to MERS, claiming rightful title to a particular property, and have MERS rubber-stamp that title.
When the housing-bubble created by Wall Street imploded (and the real fun began for the Oligarchs), they expected to be able to waltz into foreclosure courts, show the judge their rubber-stamp from MERS, and then have the judge, in turn, rubber-stamp the foreclosure. This problem will last for much longer than ten years – since MERS has not yet been entirely wiped-out by court judgments finding against it.
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