• Free subscription via e-mail!

  • Support the site!

  • Join me on Facebook!

  • Categories

  • Archives

  • Recent Posts

  • January 2020
    S M T W T F S
    « Nov    
     1234
    567891011
    12131415161718
    19202122232425
    262728293031  
  • Top Posts

  • RSS Farm Wars

  • RSS SMCC

  • RSS The PPJ

  • Meta

Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks

BanksterBy Ellen Brown

Source: Global Research

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. Continue reading

%d bloggers like this: