Link

BRIEF ON KENTUCKY MERS AG LAWSUIT – MERS UNDERMINDS THE INTEGRITY OF PUBLIC LAND RECORDS

BRIEF ON KENTUCKY MERS AG LAWSUIT – MERS UNDERMINDS THE INTEGRITY OF PUBLIC LAND RECORDS

MERS Undermines the Integrity of Public Land Records MERS’ express purpose is to “eliminate[] the need to prepare and record assignments when trading mortgage loans.” Evade county recording fees, avoid publicly recording mortgage transfers, facilitate the rapid sale and securitization of mortgages en masse and shorten foreclosure times Effectively supplanted the public recording system, undermining the integrity of centuries old system of land record-keeping WHAT DO WE NOW KNOW ABOUT MERS? A shell company with no economic interest in any mortgage loan 23 shareholders: originating and servicing (Bank of America, CitiMortgage, Inc.); GSEs (Fannie Mae and Freddie Mac); mortgage and title insurance companies (First Title Insurance Company); and the Mortgage Bankers Association Responsible for tracking approximately 70 million loans Estimated $2 billion in avoided recording fees Average mortgage transferred 2 to 3 times 70 full time employees 20,000 “certifying officers”—execute paperwork to initiate foreclosures with little to no supervision

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s