Monday, October 24, 2011

Prevention of future circumvention

Wow, that is some shortfall in fees.

How did they avoid the listings?

Was it intentionally done?  It sounds like it may have been intentionally done.  Will there be possible criminal charges as well?

Was it done with the complicit knowledge of the homeowners as well?

Time and the lawsuit will provide many answers.

Bexar to sue over lost fees
By Patrick Danner - Express-News

Bexar County is poised to challenge a private mortgage-tracking system that officials claim has cost it millions of dollars in filing fees.

The district attorney's office will ask the Commissioners Court at its Nov. 1 meeting for the go-ahead to hire a law firm to sue Mortgage Electronic Registration Systems Inc., which claims to hold title to some 60 million loans around the country.

“There has been a process developed specifically for the purpose of circumventing the recording procedures and statutes in reference to real property,” District Attorney Susan Reed said. She didn't immediately know how much the county will seek in financial damage. “I just know it's going to be high,” she said, adding that it's millions of dollars.