by Marvin J. Ramirez
Marvin J. Ramírez
Despite of news media keep saying that thing are getting better and the economy is going on the right direction, million of people continue fighting for their right to keep their homes banksters, while the court continue ruling against home owners, with some excemptions. El Reportero brings you the following article gathered online for the benefit our readers.
In Landmark National Bank v. Kesler (full ruling), 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.Ellen BrownAuthor, Attorney
by online wire services
Here it is. On August 28, 2009 the Supreme Court of the State of Kansas rendered an opinion based calmly on existing law and relentlessly applying it to the chagrin of all participants in the securitization scheme.
MERS was the appellant seeking to invoke due process rights which it said were violated when they failed to get notice of the fact that their “interest” was being wiped out. The Court said simply that MERS — or any nominee” didn’t have any interest and proves its point by reference to simple statements in the documents and the simplest of laws and interpretation of the role of MERS and the requirements of recordation. The splitting of the note and mortgage creates an immediate and fatal flaw in title.
Title carriers take notice — all previous foreclosures falling within the scope of this opinion are subject to either compensation to the homeowner or reinstatement of the homeowner as possessor and owner of the home, or both. The implications of this ruling cannot be overstated — but neither should it be overused.
This is one state, but it is likely to serve as the basis for most appellate opinions rendered on securitized loans. The tide has turned.
The moral of the story is that those encumbrances (mortgages) don’t exist in most cases, the foreclosures were all fatally flawed, the people who have been chased out of their homes, still own those homes, and the parties seeking to enforce the note can do so only as unsecured creditors and only if they prove that they lent the money that funded the loan and only if they are willing to be subject to counterclaims, cross claims, affirmative defenses and defenses of the borrower relating to predatory lending, appraisal fraud, securities fraud, rescission under all available theories of law, damages, treble damages, punitive damages, exemplary damages and consequential economic damages.
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.
This case must be read multiple times and very carefully as it contains a succinct discussion of the decisions in other states. I will be referring to this case and analyzing it in the days ahead for our blog readers and for my clients who have retained me as an expert witness. I agree with every word in this opinion — a rarity and I am relying on it as corroboration for all my prior writing and expert opinions rendered in all cases across the country.
IN THE SUPREME COURT OF THE STATE OF KANSAS
