MERS May Have Swallowed Your Mortgage
source: http://www.nytimes.com/2011/03/06/business/06mers.html?_r=1&src=me&ref=business.
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- kerriberri
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Ack! Just when you didn't think the mortgage crisis could get any worse, you learn that there is a database in Reston, Virginia that might have eaten your mortgage. In fact, the database itself claims to OWN more than 50% of US mortgages (about 60 million loans).
Created 16 years ago by Fannie Mae, Freddie Mac, Bank of America and JP Morgan Chase, the Mortgage Electronic Registration System (MERS) is, thankfully, beginning to run up against a few judges in foreclosure proceedings who are finally Just Saying No.
But that may not stop MERS in its tracks. This is a very involved story about the securitization of mortgages, but well worth the read for a deeper understanding of just how bad this mortgage crisis really is and the potential for it to get a lot worse.
For example: in a deposition, an officer of the company revealed that this corporation has THOUSANDS of Vice Presidents.
The NY Times article also states that "Federal bankruptcy courts and state courts have found that MERS and its member banks often confused and misrepresented who owned mortgage notes. In thousands of cases, they apparently lost or mistakenly destroyed loan documents."
Feeling better?
Read the whole story at the NY Times: http://www.nytimes.com/2011/03/06/business/06mers.html?_r=1&src=me&ref=b...
Created 16 years ago by Fannie Mae, Freddie Mac, Bank of America and JP Morgan Chase, the Mortgage Electronic Registration System (MERS) is, thankfully, beginning to run up against a few judges in foreclosure proceedings who are finally Just Saying No.
But that may not stop MERS in its tracks. This is a very involved story about the securitization of mortgages, but well worth the read for a deeper understanding of just how bad this mortgage crisis really is and the potential for it to get a lot worse.
For example: in a deposition, an officer of the company revealed that this corporation has THOUSANDS of Vice Presidents.
The NY Times article also states that "Federal bankruptcy courts and state courts have found that MERS and its member banks often confused and misrepresented who owned mortgage notes. In thousands of cases, they apparently lost or mistakenly destroyed loan documents."
Feeling better?
Read the whole story at the NY Times: http://www.nytimes.com/2011/03/06/business/06mers.html?_r=1&src=me&ref=b...
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- groups:
- Community, Business News & Analysis, Economy, US Economy
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- tags:
- Mortgage Crisis, FORECLOSURES, MERS
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danitassin
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OOhh. good thing I own my home.
- 1 year ago
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danitassin
