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The murky realm of MERS

DCblogger's picture

Tracking Loans Through a Firm That Holds Millions

MERS, a tiny data-management company, claimed the right to foreclose, but would not explain how it came to possess the mortgage notes originally issued by banks. Judge Logan summoned a MERS lawyer to the Pinellas County courthouse and insisted that that fundamental question be answered before he permitted the drastic step of seizing someone’s home.

“You don’t think that’s reasonable?” the judge asked.

“I don’t,” the lawyer replied. “And in fact, not only do I think it’s not reasonable, often that’s going to be impossible.”

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Damon's picture
Submitted by Damon on

Obfuscation is a feature, not a bug, of this industry. It's like walking into some seedy, shadow-filled, 19th century opium den, really.

koshembos's picture
Submitted by koshembos on

how they acquired the mortgages they want to foreclose on? Someone should have a clue.

Submitted by lambert on

Look at this:

But without the chain of title that MERS removed from the public record, banks sometimes recreate paper assignments long after the fact or try to replace mortgage notes lost in the securitization process.

The chain of title removed from the public record?????

Submitted by cg.eye on

Then again, an office address at Reston VA, and bank officers deputized as MERS officers (and vice versa) smacks of a lot of subterfuge to me.

If you wanted to set up your spies in an office building, and wanted to buy a property without leaving a trace, wouldn't you dream of a business like this, where even legitimate legal entities can't see who's buying and selling a building?