Calabasas, CA (PRWEB) June 03, 2011
The Office of the Comptroller of the Currency has just signed a Cease and Desist settlement agreement with MERS Corp (Mortgage Electronic Registration Systems). Among other items, the Cease and Desist order finds, We have identified certain deficiencies and unsafe or unsound practices by MERS and MERSCORP that present monetary, operational, compliance, legal and reputational dangers to MERSCORP and MERS, and to the participating Members. (OCC No. AA-EC-11-20 Board of Governors Docket Nos. 11-051-B-SC-1,11-051-B-SC-2 FDIC-11-194bOTS No. 11-040 FHFA No. EAP-11-01)

Noted lawyer Philip Kramer, a senior companion at the law firm of Kramer & Kaslow offers insight, MERS Corp is the owner of Mortgage Electronic Registration Systems (MERS), 1 of the cornerstones of the current banking crisis. In order to reduce up loans and move the pieces around the world at the speed of electronics once again and again and once again, till no one particular is certain who owns what, monetary institutions have been making use of MERS as the beneficiary, a legal term which in practical terms signifies they are entitled to foreclose on behalf of the lender except MERS is nothing at all more than an electronic database. They are typically named as beneficiary. However in order to legally be named as beneficiary they would have had to put up funds on the loan. Not to mention the truth that the recordation itself is not even official. BUT most importantly, MERS is by no means a Holder in Due Course.

Philip Kramer goes on to observe that, Have been a nation of laws. Everyone knew that MERS didnt have the proper to seem as a beneficiary, but it would have been inconvenient to act on this since MERS was in widespread use throughout the banking business. It was incorrect, wrong, wrong, but everyone was carrying out it. Just like they had been performing no-doc loans and other sleights of hand. Just like the banks were doing so a lot of bad issues to homeowners. All they wanted to do was increase their profits no matter who it hurt or how wrong their practices may be.

The complete text of the consent decree can be identified at the following URL:


ABOUT PHILIP KRAMER
PHILIP A. KRAMER is the senior companion of the Law Office of Kramer & Kaslow, in Calabasas, California. Kramer & Kaslow is Martindale Hubbell AV rated. Mr. Kramer is a perennial recipient of the prestigious Southern California Super Lawyer award.

Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes commercial litigation and trial advocacy, with a concentration on enterprise litigation, and actual house matters. He has prosecuted and defended cases for more than twenty five years.

Mr. Kramer is a licensed real estate broker and has spent considerable time providing legal services in connection with true estate concerns relating to loan modification and loss mitigation, land use and zoning, environmental concerns, easements, construction and improvement, finance, and landlord tenant matters.

Mr. Kramer is admitted to practice ahead of all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has tried in excess of 200 cases. He has appeared on nationally televised applications relating to pre-trial procedure and trial approach and has appeared as a guest lecturer on subjects ranging from constitutional law to trial practice, and Mr. Kramer regularly lectures on a broad spectrum of various legal and organization issues.

Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

Mr. Kramer is also a previous president of the Los Angeles West Inns of Court, a national organization devoted to bringing professionalism and civility back into the legal profession. He also serves on quite a few Boards of Directors and serves as an officer in a lot of organizations. For more information contact (818) 224-3900 or go to http://kramer-kaslow.com.

###





