Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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http://www2.tbo.com/content/2008/feb/23/222033/bz-mortgage-note-issues-help-debtors-avoid-foreclo/

Those notes are NOT lost, but DESTROYED when converted into E-Documents.
Slight of hand, and no one is the wiser?
We ARE onto to you R.K. Arnold. We ARE on to YOU, period.



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http://economics.arawakcity.org/node/218

Arnold says he is concerned about consumer group demands that MERS permit borrowers to see who owns their loan. "We are open to providing that information - not because it is legally required, but because, since we have been in this hostile environment, we have come to the conclusion that this could be good for people," he says, despite cost and privacy concerns. "If consumer groups say, ‘Would you open up the system?' we would be very open to discussions about that possibility."

OPEN UP THE SYTEM BUDDY!

LET'S SEE WHAT YA GOT!

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Ok Einstein...

Arnold's advice: "In foreclosure, banks need to be very careful with what lawyers they hire to do the work," he says, noting that "some are sloppier than others" by inaccurately describing MERS' role.
SLOPPIER THAN OTHERS?
source
http://economics.arawakcity.org/node/218
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Ok, He WILL repeat himself over and over again... He's telling THE TRUTH PEOPLE.  Those notes ARE NOT LOST, period.  imho they ARE DESTROYED, on PURPOSE.


MERS rules don’t allow members to submit lost-note affidavits in place of mortgage notes, Arnold said.

“A lot of companies say the note is lost when it’s highly unlikely the note is lost,” Arnold said. “Saying a note is lost when it’s not really lost is wrong.”

http://www.nakedcapitalism.com/2008/02/some-banks-cant-foreclose-unable-to.html?widgetType=BlogArchive&widgetId=BlogArchive1&action=toggle&dir=open&toggle=WEEKLY-1171774800000&toggleopen=WEEKLY-1237089600000
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Margaret
You tell em!!!!!  

Why do I have a feeling that these mortgage companies are lining the pockets of politicians to get these laws changed in their favor.

Either that or they play the odds. What are the odds the homeowners will fight.....I guess they win more than they lose. I just don't unerstand the concept of giving up. Just not in me. I'll fight till the end...


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Yankee
MERS opening up....hmmmmmmmm.......what if suddenly cities,towns,counties,etc.. suddenly realized all the lost revenue that's been lost thru the MERS machine and decided to sue to recoup. Possible?
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arkygirl
My county is poor and perpetually struggling. Their solution is to pile on ever-more sales tax and property tax increases just to keep even. I cannot begin to tell you how much that hampers business development in the area because we now have the third highest sales tax rate in my state (with very little to show for it)! People go out of county to shop now because tax rates are lower elsewhere as well as prices and because they are plain old ANGRY about this.

It is a spiral into nothingness. Businesses are folding up right and left. People are leaving in droves while throwing a one-finger salute on their way out of town.

What would happen if one "interested citizen" gathered the info for his/her county and took it to the courthouse just to show them the massive amount of lost revenue? And then maybe wrote a Letter to the Editor of their hometown newspaper about the issue, complete with facts and figures?

I bet it wouldn't take much to get the county's attention.....as well as the angry taxpayers who might just make demands that something be done about it.

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