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Landmark Ruling IN Kansas Means Relief For Homeowners And Trouble For The Banks

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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 12:32 PM
Original message
Landmark Ruling IN Kansas Means Relief For Homeowners And Trouble For The Banks
This is fabulous news for people in trouble and a warning shot across the bow for banks.

LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound.."...cont...

http://www.opednews.com/articles/LANDMARK-DECISION-PROM...
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 12:50 PM
Response to Original message
1. "Government isn't the answer, government is the problem." "End all regulation."
"Leave it to the private sector."

All slogans leading to disaster.
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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 12:58 PM
Response to Reply #1
2. Judges Are Doing
What Geithner and the Congress won't.
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Myrina Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 01:03 PM
Response to Reply #2
3. Geithner is an Industry Toad.
Why in Goddess' name Obama gave him a job anywhere near anyone's tax money, is beyond me. :wtf:
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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 05:22 PM
Response to Original message
4. K
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autorank Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 11:39 PM
Response to Original message
5. Vastly, greatly, magnificently HUGH!!! k*r
You bear wonderful tidings. Is this under the category, "hoisted with one's own petard"?

:toast:
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liberalhistorian Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 11:44 PM
Response to Original message
6. When I was a paralegal for a real estate attorney, we had a lot
of dealings with MERS; that was several years ago. They were shady even then and this doesn't surprise me one single bit. Very happy to see this ruling, it's about time the courts woke up instead of just rubber-stamping foreclosures.
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earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-22-09 11:53 PM
Response to Original message
7. Karma.
:evilgrin:
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autorank Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-23-09 01:23 AM
Response to Original message
8. Here are a couple of other links on this.
Edited on Wed Sep-23-09 01:27 AM by autorank
Here is a nice clean copy of the decision from the Kansas Supreme Court web site:

http://www.kscourts.org/Cases-and-Opinions/opinions/sup...

This is the first blog where the case was discussed and published, the

Livinglies Foreclosure Defense Group
This is the start of what will be a long line of cases running through state courts and Federal Courts finding that MERS, the whole Nominee business plan, assignments from those without power to assign, splitting the note and mortgage making the mortgage unenforceable, necessary and indispensable parties, vacating judgments procured by fraud, and all the other basic black letter law flaws in the securitization of loans are exposed for what they are a scheme that would and did wreak havoc on the notice and recording requirements of each and every state, a scheme whose execution created fatal flaws in title, and the intent to buy-pass the basic requirements of law in effect since at least the 17th century."


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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-23-09 01:33 AM
Response to Original message
9. Who owns MERS? Is it Ocwen?
I really would like to know if anyone has this info...
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Vidar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-23-09 02:18 AM
Response to Original message
10. Bravo Kansas!
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