John O'Brien, the Essex County register of deeds, isn't buying it, and neither should you

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John O’Brien, the Essex County register of deeds, isn’t buying it, and neither should you

John O’Brien, the Essex County register of deeds, isn’t buying it, and neither should you

Our View: Avoiding another mortgage mess

The Salem News Thu Dec 16, 2010, 06:00 AM EST

They did such a good job depressing the housing market and sending the economy into a tailspin, why not trust the banking cabal with keeping track of all property titles?

John O’Brien, the Essex County register of deeds, isn’t buying it, and neither should you.

O’Brien, of Lynn, is in the forefront of a national effort to challenge the policies and practices of the Mortgage Electronic Registration Systems Inc. (MERS). The agency was established in 1995 by a group of banking conglomerates including Bank of America, Countrywide Home Loans and Wells Fargo, to keep track of loans issued against property titles — a task previously performed by the public registries of deeds.

In a Nov. 18 letter to Attorney General Martha Coakley, O’Brien alleged that MERS “has failed to pay the proper recording fees required under Massachusetts statute when a lender assigns a mortgage to another entity.” And this week Coakley announced that she will join her colleagues in several other states in an investigation to see whether MERS is skirting laws regarding such transactions.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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