U.S. Regulators Examining Departures at Mortgage Registry (MERS)

[dixiegrrrrl]

1. I notice no one is talking about the real problem with MERS

which is that county registars have been cheated out of millions of dollars because the banks and servicers did not bother to legally transfer mortgages and pay the fee each time the loan changed hands.
AND
that even with MERS supposedly doing the tracking, the loan papers are STILL incomplete, which means the loans that were bundled and sold to investors are ....illegal.

So, who gets to un-ravel the millions and millions of mortgages, and of illegal foreclosures, that do not have all the required paperwork?


Further down the article, it suggests that The House might cobble a law together to paste over the problem.
No matter what laws are passed, the damage has been done, much of the needed paperwork is GONE, and cannot legally be replaced.

a word to anyone contemplating getting a mortgage: You need to find out if you are buying a legal title from previous owners, since
"The year 1997 also happens to be when the MERS system began operating."
which means they started to bypass county records, and funny documentation tricks started then.