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arkygirl

UPDATE: JPMorgan Chase to Stop Using MERS

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UPDATE: Mortgage Electronic Registration System (MERS) has released a statement in regards to JPMorgan Chase's earlier announcement that it was no longer using MERS: "JPMorgan Chase is a valued member of MERS. They currently have their correspondent loans registered on the MERS System. They do not, nor have they ever, registered their retail loans on the MERS System. As members of MERS and for loans registered on the MERS System, banks have the option of foreclosing in their own name, or MERS foreclosing for them. JPMC has chosen to foreclose in their own name, which is a common decision that is allowed under the structure of MERS."

JPMorgan Chase has announced that it is no longer using the Mortgage Electronic Registration System (MERS) due to the fact that there are issues with the system properly being able to prove the ownership of mortgages. The company's exit from the MERS comes on the heels of its announcement  that is has increased its foreclosure freeze to 41 states and 115,000 loan files. The foreclosure suspension was due to the emergence of the "robo-signer" issue where tens of thousands of important foreclosure proceeding documents were singed off on without proper review and notarization.

"With millions of Americans facing foreclosure, every element of the housing finance system is under tremendous strain," said R.K. Arnold, president and chief executive officer of MERS. "What we’re seeing now is that the foreclosure process itself was not designed to withstand the extraordinary volume of foreclosures that the mortgage industry and local governments must now handle.

In the third quarter of 2010, Chase's net income was $4.42 billion, an increase of 23 percent from $3.59 billion in the third quarter of 2009. Earnings per share were $1.01, compared to $0.82 in the prior-year quarter. In the preceding second quarter, JPMorgan's net income reached $4.80 billion or $1.09 per share.

http://nationalmortgageprofessional.com/news21103/jpmorgan-chase-stop-using-mers



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Diana Olick of CNBC reported yesterday that JPMorgan Chase actually stopped using MERS in 2008.

This is a significant revelation since there are many affidavits and assignments by Chase employees signing as certifying officers of MERS in 2009 and 2010.
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arkygirl
Yep, yep, yep.

So, how exactly did Chase abandon MERS in 2008? Or did they REALLY abandon it?

Chase, like all the octobanks, has many arms.

JPMorgan Chase's main bank subsidiaries are JPMorgan Chase Bank, National Association, JPMorgan Chase Bank, N.A., a national banking association with U.S. branches in 23 states and Chase Bank USA, National Association ,Chase Bank USA, N.A., a national banking association that is the Firm's credit card-issuing bank. The Company's main nonbank subsidiary is J.P. Morgan Securities Inc. JPMorgan Securities, the Firm's U.S. investment banking firm.

Each one of these entities will have even more subsidiaries, one of which will be the servicing office. There is Chase Mortgage and Home Lending that fits in there somewhere under one of these main subsidiaries. There is Chase Auto Finance. Chase Credit Card.  And on and on.

Jamie Dimon may not have told a complete lie, but he may have not told the complete truth, either. One part of the ocotempire may have stopped using MERS...other parts may still be using it. It is up to all of us to figure it out, I suppose. Search the company structure and the answer may be revealed.

CEOs often speak with forked tongues and crossed fingers and toes. When in front of Congress (under oath), CEOs are dumb as a box of hair. They know absolutely nothing about how their companies work on a day-to-day basis. They know nothing about common procedures to the point the average person might begin to wonder exactly what they do to earn those astronomical salaries and bonuses. They parrot the same refrain that they don't anything about anything being asked. Really?

When speaking to the press and investors, they often appear quite on top of it. Quite knowledgeable after all. Very spiffy and with it.

Since they are not under oath or not on trial at press conferences and calls, I personally consider them to be lying if their lips are moving. That is just my opinion.

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The Equitable One
Octobank?

Octoempire?

LOL, I love it. Perhaps no better words to describe this.

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