NYTIMES: MERS? It May Have Swallowed Your Loan

| No Comments
Borrowing Under a Securitization Structure

Image via Wikipedia

"...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?"


Read entire NYTIMES Article here. [Requires free registration]



Enhanced by Zemanta

Leave a comment

About this Entry

This page contains a single entry by Leonard E. Sienko, Jr. published on March 6, 2011 3:34 PM.

Apple Launches iPad 2 was the previous entry in this blog.

Administrative Judicial Institute Program Announcement: Implicit Bias in Judicial Decision Making: Striving for Fairness from the Bench, March 23, 2011, 6 p.m. to 8 p.m. is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Monthly Archives

Pages

Powered by Movable Type 5.11