AG Settlement Opposition – MA Throws the First Punch

The questions to consider after reading this will be – (1) do you really need more time to consider your position on MERS?  And, (2) will any issues that entail MERS ultimately circle back to its creator – the cartel of members?  If so, why bother to settle?

PUNCH NO. 1:

Massachusetts AG Coakley: I Won’t Sign Away Liability Over MERS in Foreclosure Fraud Settlement

By: David Dayen Monday July 25, 2011 2:19 pm

Attorney General Martha CoakleyMassachusetts has joined several other states in saying they would oppose a foreclosure fraud settlement if it includes certain liability releases, particularly those relating to MERS. Massachusetts Attorney General Martha Coakley (yes, that Martha Coakley) wants to retain the ability to pursue lawsuits against the banks and their subsidiaries over state consumer protection violations and fraud upon state courts.

“Massachusetts will not sign on to any global agreement with the banks if it includes a comprehensive liability release regarding securitization and the MERS conduct,” Coakley wrote to the Norfolk County register of deeds in Dedham, Massachusetts. “These investigations must continue.” The registry keeps records of real estate in the county […] Continue reading

Idiot of the Week – Ben Bernanke

By DEADLY CLEAR

This week’s IDIOT focus is on Chairman Ben S. Bernanke – Semiannual Monetary Policy Report to the Congress Before the Committee on Financial Services, U.S. House of Representatives and Committee on Banking, HOusing and Urban Affairs, U.S. Senate, Washington, D.C. ON July 13, 2011 and July 14, 2011, respectively.

Chairman Bernanke presented his overview of a weak economy, suffering because investors just don’t want to come back to Wall Street like they had earlier this decade.

Mr. Bernanke, do you think it might be due to the numerous investor lawsuits for securitization fraud and deception caused by [your pals] Wall Street’s greed and Congress’ failure to regulate derivatives?… Maybe, yeah?  You ask Congress for an incentive to bring investors back – regulation might be a good start to stabilization…’cause it sure didn’t work the other way! Continue reading

MERS Causes Banksters’ Nightmare to Continue

New York Times FAIR GAME

The Banks Still Want a Waiver

By Published: July 23, 2011

HOW should banks atone for those foreclosure abuses — all the robo-signing and shoddy recordkeeping that jettisoned so many people from their homes?

It has been four months since a deal to remedy this mess was floated. Not much has happened since — at least not publicly.

Last week, banking executives and state attorneys general met in Washington to try to settle their differences. At issue was how much banks should pay, and how and to whom, to make this all go away. The initial terms, which emerged in March, were said to carry a $20 billion price tag.

But here is a crucial question: to what extent would such a settlement protect banks from future liability? Will the attorneys general strike a deal that effectively prevents them from Continue reading