Wednesday, August 22, 2012

Barron and the Banks

Last week, Northampton County Controller Steve Barron did what he does best - spread manure. He does it from his mouth. In fact, he's so good at it that Upper Mount Bethel's new sludge facility should hire him. Let me give you the details.

Barron, who failed the bar exam, wants the County to sue a bank. Hey, who likes evil banks? So he's identified a target hated by one and all, except bankers. He claims that Mortgage Electronic Registry Systems (MERS), which tracks mortgages, has stiffed the County $6.81 million since 2004. In addition to firing off a memo to County Council, County Solicitor and Executive John Stoffa, he alerted the press to his very significant findings. Then he took it upon himself to appear at Council's Finance Committee hearing on Thursday and accuse MERS of fraud.

"The fraud exists," claims Barron, who should know that's a pretty serious accusation.

When you take out a mortgage with a bank, it is often sold (we call them assignments) to another bank. Not always. According to Barron, MERS refuses to record these assignments so it can avoid paying the recording fee, of which $30 goes to the County.

But looking at his own math, he's wrong.

Our numbers guy excels at self-promotion. Math, not so much.

In memos and news conferences, Barron claims that there have been 49,770 MERS mortgages since 2004. I'll agree because he got this information from the Recorder, instead of coming up with it himself. Now let's assume that every stinkin' one of these MERS mortgages was sold, but this holding company refuses to record the assignment. That would mean lost revenue to the County totaling $1.49 million over a period of 8 years. That's well below the $6.81 million figure Barron was using.

Let's assume that every one of these mortgages was sold twice. That's still only $2.98 million, not even close to Barron's figure.

For Barron's figure to be correct, every one of these mortgages would have to have been sold five times.

That's just nuts.

Barron claims he was turned on to this because his mortgage has been sold five times. But guess what? His holding company is not MERS. Moreover, Barron should know, after his T-Mobile experience, that using the power of his office to pursue a personal vendetta is, at the least, unprofessional. It makes one wonder about little things like extortion.

Barron points to Montgomery County, which is supposedly considering a class action lawsuit. But I've seen no action filed, just election year rhetoric.

Although MERS can be an annoyance, I've seen no groundswell of protest among title agents in Northampton or Lehigh County. They would know if there's a problem, not Barron. Mortgages are still being satisfied when they are paid off, at least in Northampton County. In fact, I'm unsure whether MERS even has a legal obligation to record an assignment every time a mortgage is sold. I mentioned all of this to Barron, right down to his bogus figures, right before he put on his little show last week. He agreed with me. Then went on to make the same claims, knowing he is fill of shit.

And he talks about fraud?

Do I think this should be investigated? Yes. Will it result in a $6.81 million windfall to the County? No. Has there been fraud, or anything remotely approaching fraud? No.

Does Barron know what he's talking about? I'll let you answer that one yourself.

27 comments:

Anonymous said...

This story claims Montgomery County had a favorable ruling in court recently against MERS. It appears its more than election season rhetoric.

http://www.housingwire.com/news/judicial-panel-denies-pooling-county-lawsuits-against-mers

Bernie O'Hare said...

I don't consider that a favorable ruling. A court has ruled that two cases - one n Dallas and one in Montgomery - are too dissimilar to be tried together. That does not bode well for someone seeking to file a class action.

And has Montgomery actually filed an action? I've seen nothing. I see a claim at t election time, and a claim about MERS on the Recorder's web page, but no suit. Is one filed? Please tell us.

Anonymous said...

Hopefully, the county pursues this claim.
We need the money, the ciounty is broke. It is a shame that Controller Barron has to do the job for the Stoffa Adminstration.

Anonymous said...

You name call Barron for not passing the bar but fail to mention that 40% of applicants fail it each year. Nice spin. Also he was never disbarred for illegal activity.

Bernie O'Hare said...

I am not "name calling" Barron. I am making an accurate observation. The pass rate, incidentally, is 80% in 2011. That's twice the disinformation you just passed on.

http://www.pabarexam.org/pdf/statistics/july/j2011.pdf

Anonymous said...

Why do you not use the most current stats O'hare? Because it makes your argument look null!

http://www.pabarexam.org/pdf/statistics/february/f2012.pdf

http://www.pabarexam.org/pdf/statistics/february/f2010.pdf

And since we are being factually correct.

http://www.scribd.com/doc/76423281/Bernie-O-Hare-22-Page-Law-License-Suspension

Bernie O'Hare said...

You are using the February stats for people taking the exam in the Winter instead of those taking the exam at the end of the school year. The pass rates in those are always low, but are only a small percentage of those who take the bar exam.

Now go take your drug cocktail.

Anonymous said...

Ah the typical O'Hare spin machine is in full cycle. When he is proven wrong he claims that there are other factors. These people did take the bar exam right? And 40% failed right? How is that fact not true? I guess when the spin machine is on full speed you become blind to facts.

Oh what about this fact Bernie?

http://www.scribd.com/doc/76423281/Bernie-O-Hare-22-Page-Law-License-Suspension

No reply on that? How convenient.

Bernie O'Hare said...

Oh what a shocking revelation! Gee, I guess no one has heard that my law license was suspended 27 years ago. You're right on top of things. Now, go take your drug cocktail and watch that mailbox.

Anonymous said...

Watch the mailbox? Why are you sending a mailbomb? Is that a threat?

Bernie O'Hare said...

You are out of your mind. I am telling you to watch your mailbox bc I have sued you, and more papers are on the way. I don't want you to pretend you didn't get them as a result of the drug cocktails you are taking. By the by, what the hell are you doing on this blog. You're supposed to be terrified of me, remember??

Anonymous said...

oh you think I am Tricia? HAHAHA... wrong. Looks at the IP address'. To prove that I am not her. I will say this. Tricia is a f'n nutjob. She is out of her mind and needs serious help.

Bernie O'Hare said...

That's why you cited her scribd. Only a frickin' nut job would do that. Now take your drug cocktail, whichever personality you are. That's what happen when you're an anonymous troll.

Anonymous said...

Bernie, honestly... I am not her. She is off the reservation.

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

You do realize that John Callahan was one fo the original "Long Dem's", along with McClure and Barron.

How does that jive with your new found affection for the mayor you once called "corrupt?"

Anonymous said...

@ 2:57. This is how O'Hare works... he sucks at the tit of anyone that he sees as being in power next. That is his MO at the foundation. He will attack someone but when he realizes that person will be in power he retreats. His post blog posts reflects that.

Mark Baker said...

he was doing pretty good until he went to the press. Put a mike in front of this skirt wearing fool and he'll make an ass of himself every time.

he's not good at self promotion, he's good at self humiliation

Anonymous said...

T-Mobile received Barron's message loudly and clearly and MOVED OUT, COSTING HUNDREDS OF LV JOBS.

Barron still has his job, but he's cost hundreds theirs.

The skirt, the lisp, and the failure to pass the bar make him a hilarious punching bag. But his official actions have cause real pain to real people.

Anonymous said...

No! Barron is a FOOL!

Anonymous said...

7:21 that is bs

Bernie O'Hare said...

What's weird here is that there are lots of personal attacks aimed at me, but none of them bother to address the substance of my post.

Bernie O'Hare said...

"You do realize that John Callahan was one fo the original "Long Dem's", along with McClure and Barron."

Wow! An anonymous troll accuses a sitting Mayor of being an anonymous troll. That's real credible.

I've caught McClure trolling here.

Anonymous said...

Doesn't change the fact that you have always mocked the "Long Dem's" and John Callahan was one of the original Long Dems.

Just the facts, rememeber.

Anonymous said...

Barron and his T-Mobile threats cost hundreds their jobs. Fact. He's a one man - one point increase in the local unemployment rate.

He cost hundreds their jobs.

Anonymous said...

6:32 You are crazy. Take your drug cocktail.

Anonymous said...

When I see Barron I touch myself!