FYI – Fannie Mae and Freddie Mac became owned by and part of the United States on September 6, 2008 when FHA took them over. Consider the implications to any cause of action(s), constitutional or otherwise, and defenses, if the United States is a stock holder of MERS. In professor Christopher Peterson’s work entitled “FORECLOSURE, SUBPRIME MORTGAGE LENDING, AND THE MORTGAGE ELECTRONIC REGISTRATION SYSTEM” at page 11 he stated:
“Two years after releasing the initial white paper, MERS, Inc. incorporated in Delaware as a non-stock corporation owned by mortgage banking companies that made initial capital contributions ranging from $10,000 to $1,000,000. (fn 61) [Editor's Note: Maybe Borrowers and Investors ought to get together and do the same thing in reverse]
Foot Note 61 states: The charter members of MERS, Inc. were: 1st Nationwide Mortgage; Allied Group Mortgage, Inc.; American Home Funding; American Land Title Association; Crestar Mortgage Corp.; Fannie Mae; Freddie Mac; GE Capital Mortgage Services, Inc.; GMAC Residential Funding Corp.; HomeSide Lending, Inc.; Knutson Mortgage Corp; Lau Capital Funding; Merrill Lynch Credit Corp; Mortgage Bankers Association of America; Mortgage Guaranty Insurance Corp.; Northwest Mortgage, Inc.; ReliaStar Mortgage Corp.; Source One Mortgage Services Corp.; Texas Commerce Bank, NA; Chase Manhattan Mortgage; and, Weyerhaeuser Mortgage Company. Id. Mortgage Electronic Registration Systems, Inc. is actually a wholly owned subsidiary of MERSCORP, Inc. The dual structure of the company was designed to prevent creditors of MERSCORP from attempting to seize loans recorded in the Mortgage Electronic Registration Systems, Inc.’s name in the event that MERSCORP, Inc. declares bankruptcy. Mullen, supra note X, at 62.
George Gingo, Esquire
Foreclosure Defense Attorneys, P.A.
150 Cocoa Isles Blvd., Ste. 404
Cocoa Beach, FL 32931
Office: (321) 784-8158
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