Coakley Steps up Probe into Foreclosure Fraud (via Marshfield Real Estate)

The mortgage foreclosure crisis continues to grow. We are not talking about just the number of foreclosures. We are discussing active serious wrong doing on the part of banks and foreclosure companies. The use of the MERS electronic system to determine property ownership outside the States’ legal rules is a particularly egregious situation. A number of financial institutions on their own decided to dispense with hundreds of years of property law and create a system that passed title electronically. They did this without legislative or court approval and then proceeded to use it on millions of properties. We should not allow banking institutions to create law on the spur of the moment for their own benefit.

There is plenty of evidence that properties were foreclosed on that banks did not own. I call for justice. I call for a return of these properties to their rightful owners.

James Pilant

Massachusetts Attorney General Martha Coakley is beefing up her investigation into foreclosure fraud, targeting a powerful lender-created company in Virginia that claims to be the official owner of tens of millions of mortgages nationwide. Yesterday, Coakley said she will ask county registers to provide information to see if Mortgage Electronic Registration Systems Inc., known as MERS, is violating Massachusetts laws related to property seizures. … Read More

via Marshfield Real Estate