MERS’ impact on clear property titles

[Photo by Kay B. Day]You might think the mortgage industry couldn’t get any murkier. Fact is MERS—Mortgage Electronic Registry Systems Inc.—is drawing attention for the sometimes (maybe even often) murky progression of property titles. Most national media haven’t even given this company a nod, but it appears to be a key actor in the record number of foreclosures the U.S. is seeing.

This isn’t a law and order issue. It’s not dramatic. Yet it is highly significant to the US economy and to anyone who purchases a home. Exactly how clear is your title?

Click to read more ...

As foreclosure chaos rules, Jacksonville woman’s story touches a nerve

Updated on Friday, November 12, 2010 at 1:42AM by Kay B. Day, Editor

When you work in media a long time, people tell you a lot of stories. Most of them you can’t run for one reason or another—the person has no proof of his or her claims perhaps. Or maybe the prospect of a lawsuit is there because the current political climate aims to silence voices of those who disagree with the status quo.

After meeting Rebecca Sharp, she told me the story of her personal experience with foreclosure. Sharp’s case is probably not typical—she says she has made her mortgage payments and did so through Western Union. That way she had independent validation she made those payments. As I pointed out in the original column, Sharp’s problems involved her escrow account.

Since writing that story, I’ve received comments and one reader in particular was extremely upset.

Click to read more ...

Embattled Florida mom says foreclosed home not in default

(Jacksonville, Fla.)—Rebecca Sharp, a homeowner in Jacksonville, says she’s been fighting to keep her home since 2005. Since then she’s been dealing with a foreclosure process that has been frustrating, confusing and erratic. When she and her husband worked out an agreement during their divorce, everything appeared to go according to plan. Sharp never envisioned facing the loss of a home that isn’t underwater, a property she said she’s made timely payments on.

Click to read more ...

Fey as Palin doesn't come close to hilarious SNL bailout skit

**See followup below. Apparently SNL bowed to liberal pressures to take down the video satirizing Democratic members of Congress and President George W. Bush. So much for liberal support for freedom of speech. Now you see why I am so critical of Democratic supporters about that issue. They only believe in freedom of speech if it's beneficial to them. ***

On Saturday Night Live yesterday, Tina Fey did her Sarah Palin, but it really wasn't very funny; SNL writers missed so many opportunities to skewer Joe Biden in the Vice Presidential Debate skit. The Palin-Biden skit just wasn't well-written.  But where the writers zinged it was in the bailout video, the one we should all be talking about. Frankly, I've tried hard to find a person facing foreclosure. I've quizzed people in the grocery, at the gas pumps, and just the other day at the ATM where I finally struck gold. The woman I was chatting with told me she did know a couple who'd had to file bankruptcy because of their mortgage.

"I'm sorry to hear that," I said. "Did they get to keep their home?"

"No! They're buying another one for about $300,000," she said, adding that she was shocked.

On Friday I received a newsletter from my bank. The header to one story said, "Fannie Mae Offers Solutions for 'Underwater' Home Loans." 'Underwater' is bankspeak for a mortgage that exceeds the value of  the property. The bank is now offering those with a Fannie Mae-backed mortgage a new program that allows borrowers to refinance up to 120 percent of the property's current value. Do you think maybe this is what Gov. Sarah Palin was brave enough to allude to in her debate response when she said the word, 'responsibility?" She is the only politician I've heard who's even mentioned this.

The SNL video is hilarious. The show rarely comes close to its glory days, but this video skewering Nancy Pelosi, Barney Frank and President George W. Bush makes me remember what a cutting edge show once did. As for Fey, she's gotten tiresome. Maybe she could think about doing Sen. Robert Byrd? All she'd have to do is put on a white wig and fall asleep on the Senate floor while she's standing up there giving a speech.

Update on Tuesday, October 7, 2008 at 12:16AM by Kay B. Day, Editor

I've often said liberals want freedom of speech as long as they're slamming others they don't agree with.

Saturday Night Live has pulled the video that satirized Barney Frank, Nancy Pelosi, George Bush and George Soros.

Apparently, the show is relying on Fey's impression of Gov. Palin to carry them through.

I think it would be a great idea to write the sponsors of the show. I don't plan to buy a single product or service from anyone sponsoring SNL.

I'd do the same thing if the show bowed to conservative pressure. I'm kind of like that when it comes to freedom of speech.