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The UK did set up an electronic system like MERS at the Land Registry, no? And haven't there been a few cases of fraud there too?

The banks love electronic systems. Opens up a new vistas for fraud and theft. I'm sure that the reason why MERS was set up in the first place was so that the fraudulent paper trail could be deep-sixed.

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The UK did set up an electronic system like MERS at the Land Registry, no? And haven't there been a few cases of fraud there too?

The banks love electronic systems. Opens up a new vistas for fraud and theft. I'm sure that the reason why MERS was set up in the first place was so that the fraudulent paper trail could be deep-sixed.

The land of the fraud. They'll be setting up college courses training in fraud next.

Just another career option.

Mind you the writing was on the wall the way the thieves and liars were allowed to succeed in defrauding the UK pension funds.

Edited by billybong

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This is the source of the confusion, but not of the fraud:

Dematerialised securities are those that can be held without evidence of ownership in the form of certificates. Ownership is usually instead recorded in a depositary. Shareholders usually receive regular paper statements of their holdings (not dissimilar to bank statements). The advantage of dematerialised holdings is that they are far cheaper to administer. The elimination of paperwork and the automation that makes it cheaper also makes it faster. Some modern systems can transfer both payment and ownership immediately. All dematerialised systems are faster and cheaper than dealing with paper certificates.

http://moneyterms.co.uk/dematerialised/

The Land Reg increasingly dematerialises securities, but I don't see a problem with that.

The real problem is chain of ownership. In the US the system of securitisation makes the servicer just an agent, therefore not entitled to sue off its own bat - the UK does it differently, with the servicing entity retaining ownership and the bondholder having only a beneficial interest.

Here's the leading English case on securitisation - actually a very good read on how the mortgage market got screwed up in the 1990s:

http://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/EWCA/Civ/2005/760.html&query=paragon+or+pender&method=boolean

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The UK did set up an electronic system like MERS at the Land Registry, no? And haven't there been a few cases of fraud there too?

The banks love electronic systems. Opens up a new vistas for fraud and theft. I'm sure that the reason why MERS was set up in the first place was so that the fraudulent paper trail could be deep-sixed.

British version of the foreclosure mess up and the baliff who made the error can't even be sued (though Chelsea building society did make some good will payment,

which I suppose would be inadequate for the inconveniences caused)

Father-returns-home-locks-changed-wrong-house-repossessed-address-mix-up.html

http://www.dailymail.co.uk/news/article-1120109/Father-returns-home-locks-changed-wrong-house-repossessed-address-mix-up.html

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British version of the foreclosure mess up and the baliff who made the error can't even be sued (though Chelsea building society did make some good will payment,

which I suppose would be inadequate for the inconveniences caused)

Father-returns-home-locks-changed-wrong-house-repossessed-address-mix-up.html

http://www.dailymail...ess-mix-up.html

Nah, that's just a mix up.

It does involve trespass and defamation, but the guy took a settlement and everything's cleared up.

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The US is now a banana republic- and soon won't be able to afford to import the bananas.

Agreed, the 'best' democracy in the world is turning nasty.

Democracy doesn't exisit in that country, you can only vote for 2 parties ffs. It's ruled by greed and the banks and if that doesn't get you, the Police state will!

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Why is anyone surprised?

When money was gold, they forged certificates claiming they had some. When money was paper, they pretended to have some, now money is legal rights to houses, they are pretending to have that as well.

All banking is fraud.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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