Sunday, March 06, 2011

MERS


Seems the NY Times finally caught up with BRT regarding the mortgage furbar perpetrated by the banks and related parties including MERS, the 50 man operation miraculously able to keep tabs on 60 million mortgages while not even investing one dollar in the management and ownership of same. For the BRT take on this, check out Habius Corpus or Hey Dude, Where's My Mortgage?

Never heard of MERS? That’s fine with the mortgage banking industry—as MERS is starting to overheat and sputter. If its many detractors are correct, this private corporation, with a full-time staff of fewer than 50 employees, could turn out to be a very public problem for the mortgage industry.


Judges, lawmakers, lawyers and housing experts are raising piercing questions about MERS, which stands for Mortgage Electronic Registration Systems, whose private mortgage registry has all but replaced the nation’s public land ownership records. Most questions boil down to this:


How can MERS claim title to those mortgages, and foreclose on homeowners, when it has not invested a dollar in a single loan?


And, more fundamentally: Given the evidence that many banks have cut corners and made colossal foreclosure mistakes, does anyone know who owns what or owes what to whom anymore?

BRT is not a news outlet by any stretch of the imagination but it's nice to be out in front of something as sleazy as the mortgage fiasco foisted upon us by the Wall Street Banksters and the Federal Reserve along with significant others (Government, Regulatory etc., etc.) don't you think?

"Same as it ever was." - Talking Heads
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