US Regulators Set To Investigate MERS, LPS Over Foreclosures

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US Regulators Set To Investigate MERS, LPS Over Foreclosures

US Regulators Set To Investigate MERS, LPS Over Foreclosures

US Regulators Examining Two Mortgage Processing Firms

By Alan Zibel, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- Federal bank regulators are conducting examinations of two companies that banks use to process foreclosures, amid concerns that banks cut corners on thousands of foreclosure documents, Acting Comptroller of the Currency John Walsh said Wednesday.

Walsh, in remarks prepared for delivery Thursday, said his agency is examining Reston, Va.-based Mortgage Electronic Registration Systems in conjunction with the Federal Reserve, the Federal Deposit Insurance Corp. and the Federal Housing Finance Agency.

That company, known as MERS, lets lenders package and sell mortgages without recording each transaction with county property offices.

It has come under fire from critics, who say MERS doesn’t have the right to act as the legal representative of the mortgage owner in foreclosure cases.

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3 Responses to “US Regulators Set To Investigate MERS, LPS Over Foreclosures”

  1. msj says:

    The OCC need to investigate Deutsche Bank National Trust/Deutsche Bank as well….They are even bigger crooks/liars than MERS…

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