Saturday, June 4, 2011

MI re-foreclosures: they'll show 'em the note.

DSNews reports HUD plans to "re-foreclose" on properties affected by a Michigan appeals court's decision, in Residential Funding Co., LLC. v. Saurman, that MERS lacked authority to take the houses on behalf of the lenders.

So, a moment's pause in the operation of the meatgrinder to clean the court decision out of its teeth. It only takes adjustments to the paperwork: the properties are reconveyed to the lenders for performance of new title ceremonies. Then back the grinder will go to turning.

Well, what did anyone expect?

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