Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Sunday, July 22, 2012
Delaware Suit Targeting MERS Ends With A Wimper; State AG Scrambles To Save Face, Accepts Crappy Settlement
In Dover, Delaware, The Associated Press reports:
The Delaware attorney general’s office has agreed to drop a deceptive trade practices lawsuit against a company that runs a nationwide electronic mortgage registry. Attorney General Beau Biden announced a settlement with Virginia-based Mortgage Electronic Registration Systems Inc. [].
The settlement was reached after a judge expressed skepticism about the state’s claims at a May hearing on MERS’ motion to dismiss the lawsuit.
MERS was set up by the banking industry to rapidly package and sell mortgages as securities without recording each transaction in county recorder offices.
Biden’s office argued that the MERS registry is riddled with inaccuracies that raise questions about the rights of homeowners facing foreclosure, including trying to find out who owns the underlying loan.
MERS argued that state officials couldn’t point to any deception of consumers because the registry operates solely for the benefit of its member financial institutions and does not provide any goods or services to homeowners.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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