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Have Banks Lost Your Mortgage? Mortgage Electronic Registration Systems (MERS: The great income equalizer?) When will the legal profession wake up And start filing lawsuits against MERS and its banks, Questioning mortgages MERS claims it owns That are invalid because of the blankety-blanks' Back office shortcuts that let banks buy and sell loans Without making clear who has sold what to whom. But as courts find MERS records aren't legal replacements For county clerk documents, bank gloom and doom. Without proof of ownership, banks can't foreclose. Neither can MERS if it turns out a bank named MERS as the agent to bring the foreclosure. This does not augur well for whomever gets blamed. BofA, Citi-oops, J.P. Morgan Chase, As owners of MERS with both Fannie and Freddie, Expect to be hit by huge lawsuits and fines. Their stockholders are praying they have the funds ready. This could be the equalizer longed for by so many. Taking back from those bankers may not be all that hard. Is it possible that these greedy bankers and brokers Are about to be hoist by their own MERS petard?
Bob Carlson 3/6/11 To 'MERS? It May Have Swallowed Your Loan' To 'BofA, Citigroup, PNC Sa y MERS Mortgage Database Draws Probes' To 'Backgrounder: A Closer Look at MERS, the Industry’s Controversial Mortgage Clearinghouse' To 'Bush League Bankers' To 'Bank of America' To 'Citi-oops' |