Finding MERS

The only truly remarkable thing about this man bites dog story is that is that it got told at all. As you'll see after a year and a half of fighting off foreclosure on a home they already owned outright, the homeowners had very little teeth left in their bite.

The foreclosure nightmare started when Warren and Maureen Nyerges paid cash for a home owned by Bank of American in the Golden Gate Estates. They never had a mortgage whatsoever. But, the bank fouled it up and wound up issuing a foreclosure through their attorney.

The couple took their case to court and after a year and a half nightmare the foreclosure was dropped. A Collier County judge said Bank of America has to pay the couple's $2,534 legal fees for the error. After more than five months the bank still hadn't paid up. So, the homeowners' attorney did just what the bank would do to get their money, legally seize their assets.

See what I mean, $2,534 is chump change, hardly worth breaking a tooth on in light of the fact that Bank of America tried to summarily steal this couples home. Oh make no mistake about it, it was no mistake at all. You'd have to be as high as a astronaut on opium to believe otherwise. The ability to foreclose on a home which they do not own is banker Nirvana and the fact that they didn't get any with it this time is what is really newsworthy.

In 1995 the bankers dug a cesspool called MERS. Into it they sank the body parts of every mortgage written in the country, then, stirred it around until no one was sure of where anyones mortgage was anymore. But then magically, on command, MERS was able to cough up foreclosure filings behalf of the banks.

It was the MERS non-registration system has enabled Bank of America to fraudulently foreclose on thousands of victims besides the Nyerges. And whether by convenience or design, MERS has morphed into nothing other than a license for the banks to steal your home, even if, as in this case they don't hold the note. As the banker friendly, mistake riddled, Florida State foreclosure rocket docket demonstrate clearly for all with blind eyes to see MERS is a banksters weapon of financial mass destruction, a nuclear warhead which can fraudulently blast anyone from any home in the country, even if they own it outright.

Sadly we will never know how many were wrongfully ejected by shortsighted judges and self serving politicians, but it seems to be a lot like cockroaches, the majority of them goes unseen. One thing for certain is that a couple serving a single Bank of America branch for $2,534 changes nothing, because nothing can be changed without throwing MERS onto the scrap heap and forcing banks to foreclosure on houses for which they actually have a right to.

And even as desperate homeowners turn toward the courts for redress against MERS abuses, the bankers roll their legions of lobbyists to storm capitol hill to protect MERS, preserve the status quo, and preserve it retroactively.

After years of negative judicial decisions about the use of a straw-man on mortgages, MERS was about to lose its existence as well as its credibility. But now all of that is set to change as Wall Street money is pouring into the coffers of those who are receptive (i.e., almost everyone in Congress). The legislation is already being drafted under the interstate commerce clause to ratify MERS and everything it did retroactively. It appears that the Obama administration is ready to pardon all the securitization deviants by signing this bill into law. This information is corroborated by several people who are in sensitive positions — persons who would be the first to know such proposals. Fortunately, there are some people in Washington who have a conscience and do not want to see this happen.

And who could blame them. For the banks to be able to foreclose on any home that they don't even own, well it just doesn't get any better than Nirvana.