NYTIMES: MERS? It May Have Swallowed Your Loan

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Borrowing Under a Securitization Structure

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"...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]

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

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