Judge Finds MERS Has No Right To Transfer Mortgages, Finds Entire MERS Process Illegal

Submitted by Tyler Durden on 02/14/2011 15:31 -0500

There was a time when news, especially very bad news, moved stocks. The last time that occurred was in the middle of 2009, before most robots had any idea just how massive the chairsatan's schizoid break with reality was. Now, that the appropriate sociopathology is fully priced in, bad news tends to have an even more profound upside impact on stocks than good news, as it guarantees that the Zimbabwe stock market will be upon us far sooner than if the economy were to have to go through another inter-QE episode. Which is why the just released news out of US Bankruptcy Judge Robert Grossman of Central Islip, New York, that MERS lacks rights to transfer mortgages will likely send the entire S&P circuit breaker up. 

 

 

 

Complete Memorandum Decision By Judge Grossman Finding MERS Transfers Illegal

Submitted by Tyler Durden on 02/14/2011 15:59 -0500

"The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States. However, the Court must resolve the instant matter by applying the laws as they exist today. It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices. MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage recording process. This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law." Judge Robert Grossman 

 

 

 

Fed Advisory Council Demands Further Handouts For Credit Card Companies, Sponsors Today's Green Closing Print

Submitted by Tyler Durden on 02/14/2011 14:59 -0500

Today's dose of late afternoon S&P deux ex machina comes from the Fed Advisory Council, presumable a council populated by bankers, which basically gives a reprieve to the credit card companies.

• FED DURBIN RULES DRAW `BROAD AND DEEP OPPOSITION' FROM BANKS
• FED RULES 'EXTREMELY DAMAGING' TO CONSUMERS, BANKS, CARD FIRMS
• FED ADVISORY COUNCIL SAYS REGULATOR SHOULD WITHDRAW PROPOSAL

Mistakes are not be made as billions more are stolen from the populace.

A Disillusioned 99'er Shares His Disappointment With The American Dream, Welcomes Death

Submitted by Tyler Durden on 02/14/2011 14:09 -0500

"Mark", a member of the ever growing cadre of disillusioned, disenchanted and disgruntled millions of American unemployed, has written a letter shared by A Company of One, in which he explains the plight of 99'ers (those whose extended unemployment benefits are set to expire) in which he chronicles his plight and his terminal disappointment with the American system. One can only imagine how all the "99'ers" would feel if they did not have the benefit of living at least partially subsidized for 2 years in the socialist state of America. If Bahrain is any indication, where the government's attempt to purchase the love of its people just failed today, pretty soon not even the 99 weeks of EUCs will do much to suppress what is an unmistakably rising anger among the broad US population. "This new America is alien to me -- it is an America of greed and corruption and avarice and mean spirited selfishness and hatred of the common good -- it is an America of savage beasts roaring and tearing at the weak, and bullying the humble and peacemakers and poor and those without means to defend themselves. I am not welcome here anymore. I don't belong here anymore. It's as if some evil beast controls government, the economy, and our lives now." 

 

 

 

Iran Police Disperse Tens Of Thousands Of Tehran Protesters With Teargas As Rioting Spreads: Follow Events In Real Time

 

Fedex Plunges After Hours, Retraces, After Management Blames Guidance Cut On Snow, Margins

Submitted by Tyler Durden on 02/14/2011 16:22 -0500

Fedex plunged after hours only to retrace almost all of the drop, after investors were assuaged that the reason for the company's guidance cut was snow (in December, yes unbelievable), and plunging margins (this is one-time: just recall Goldman's most recent lies on the topic). In other words, while QE3, 4 and 5 is now the norm (i.e., perfectly recurring), such things as snow, and plunging profits, are transient. After all, it is only a matter of time before the Vissarionovich Jr. finds a way to subsidize his pet Russell 2000.