The Phaserl


MUST READ: Predictions on the Fallout of Bain VS. Metropolitan Mortgage

by Vermont Trotter, Chink in the Armor:

On Thursday, the 16th of August, 2012, the entire western banking system experienced a 9.2 on the Richter Scale event. On that day, for the first time in the history of the United States, the Washington State Supreme Court ruled that MERS, the Mortgage Electronic Registry Service, is not, and cannot be a beneficiary under the statutes of Washington State. In a well reasoned opinion, the Justices saw through the charade that is MERS and said “no” to the lie.

Who knows what the ultimate fallout of all this will be. MERS® put out their puff piece commenting on their loss trying to spin it as a win. I read it and thought to myself, really? That’s not what I read when I read the Bain decision. I read about a trip to the woodshed. Not to worry though. They will be back. They are like the Borg from Star Trek, or at least they think they are. For them, this is a temporary setback and they are, no doubt , even now, adapting and thinking of ways to overcome. Already rumour control has it that they are planning to lobby the state legislature to change the rules so MERS is suddenly legal again.

One of the things we have learned from dealing with these characters is that we can take certain, seemingly disparate pieces of information, almost make up conclusions, and son of gun, no matter how outrageous, they turn out to be true~!

  • Remember when the first person said all the REMICS are empty? Everyone scoffed in disbelief. Now it is taken as an article of faith.
  • Remember when we laughed at the concept of the banks offering the really nice pads to their employees as part of their compensation plan? That one turned out to be true too.
  • Remember when we were comparing their front line phone/cubicle warriors to trained monkeys with a wire up their wazoo? Turns out that one was true too. There is even a patent!

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