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He asked the Legislature to increase his county's local sales tax by three-eighths of a cent, and to allow small increases on mortgage and mortgage transfer taxes.
Their new law allows Nisga'a to obtain freehold title to their homes, and to mortgage, transfer, lease or sell these to anyone, including outsiders.
Noting that the town has a Community Preservation Fund, fed by a 2percentt mortgage transfer tax, he confirmed that the village board had offered some of its share of that fund to pay for the easements.
In New York State, especially, refinancing can take longer if the borrower is transferring the balance on a loan to a new lender to avoid paying a second mortgage transfer tax, a process known as "mortgage assignment".
Operating the system would cost less than $40 million a year, he said, much less than the $60 million in sales taxes and mortgage transfer taxes earmarked for the Metropolitan Transportation Authority that his group estimates are now collected in the five East End towns, East Hampton, Riverhead, Shelter Island, Southampton and Southold.
A collection of legal requirements emerges: these are categorized into themes including registration, maintenance, mortgage, transfer of real estate rights, relevant materials and archives, and preliminary notice.
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It also told them to record mortgage transfers in county records, even if state law does not require it.
That includes the original documentation on all mortgage transfers, which make up the "chain of title"—the history of ownership from the initial lender to the trust.
In most cases, no specific black-letter statues were violated at the high level (though they may have been violated at lower levels, i.e. with mortgage transfers and such. Also, criminal prosecution should look inward to the regulators. AIG may have been regulated by the flimsy OTS Office off Thrift Supervision) in the US, but that doesn't mean the OTS has no responsibilities.
Homeowner advocates and activists have long argued that mortgages transferred via the MERS system but not recorded with local registries of deeds are invalid and that land titles on thousands of homes are "clouded".
To save the costs of recording a mortgage's transfer from one institution to another, MERS acts as mortgagee in county land records.
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