Friday, January 25, 2013

New York's U.S. Bankruptcy Court Rules MERS's Business Model Is Illegal

 

New York's U.S. Bankruptcy Court Rules MERS's Business Model Is Illegal

1 comment:

  1. MERS USES FANNIE MAE SELLING GUIDE- CHATTEL-PERSONAL PROPERTY-LEASE HOLD INTEREST IN REAL PROPERTY.
    Fannie Mae Selling Guide

    Definitions:
    defines “Mortgage” as: “Collectively, the security instrument, the note, the title evidence,
    and all other documents and papers that evidence the debt (including the chattel mortgage, security agreement, and
    financing statement for a cooperative share loan); an individual secured loan that is sold to us for retention in our
    portfolio or for inclusion in a pool of mortgages that backs a Fannie Mae-guaranteed mortgage security. The term
    includes a participation interest where context requires.” Selling Guide, Part XIII, Glossary.

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