Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent

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Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent

Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent

By Michael Beckel on January 5, 2011 12:00 AM

One company embroiled in the nation’s property foreclosure crisis is not unprepared for a fight.

In Washington, D.C., Merscorp Inc. has retained several well-heeled lobbyists and invested hundreds of thousands of dollars in lobbying efforts since the start of the mortgage crisis and economic meltdown.

Merscorp Inc. is the parent company of Virginia-based Mortgage Electronic Registration Systems (MERS), which serves as an electronic registry for 67 million U.S. mortgages — more than 60 percent of the country’s total.

MERS was created in the 1990s by the mortgage banking industry to save them significant sums of cash by capitalizing on the digital revolution. The firm’s motto is “process loans, not paperwork.”

The ease of this streamlining process has brought trouble and detractors, however, especially in the face of the $12 trillion real estate bubble’s burst, and the company’s role in helping banks foreclose on properties, as the Washington Post recently reported.

“Several state courts have rejected attempts by MERS to act on behalf of banks seeking to foreclose on delinquent mortgages,” the Post reported last week. “And Congress is weighing legislation that would bar home loan giant Fannie Mae from buying any mortgage listed in MERS, potentially a death knell for the registry.”


Rolling Stone reporter Matt Taibbi recently
summed up the company’s status this way: “In short, the mortgage industry considers MERS owner enough to foreclose on you, but not owner enough to be sued, or reasoned with, or even to provide basic customer service.”

In testimony before the House Financial Services Committee in November, Merscorp Chief Executive Officer R.K. Arnold maintained his firm did not profit from foreclosures or decide when to foreclose upon a property.

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2 Responses to “Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent”

  1. Bust them! says:

    I have to wonder if MERS and the banks were victems of the criminal (loan officers, etc) who, along with their co racketeers USED the MERS and the banks, and the system as a whole.
    Seems to me, that there is a huge organized racket, or many rackets who exploited the wholes in the system.
    They must havePRIOTECTION (well connected LAWYERS – co-racketeers)
    Then the banks and MERS where caught with their pants down, only a handfull of insiders at the various agences, banks, etc having been working to defraud the system along with their network.
    I have studied the NBank of Commerce GA, and believe it is possibly the prototype of a much larger operation/network
    However, somehow it would appear, a a large number likely the vast majority of those who secured counterfeit mortgages, and laundered the illegal funds via the network embedded in its racket, were NEVER DETECTED.
    This appears to be the case with NBank, and likely the others.
    There can be no settlement, no nothing, until these types are exposed, loose their pensions, loose their jobs, are publically humilated, and are forced to liquidate all their assets to help pay back their past due TAXES never paid on the illegally gained ‘income’. The US govt/US citizens payed off their loans while they shelter those funds.
    If these types are employees of the Federal Govt’ possibly such as the VA loan Gaurentee office, or HUD, Fannie Mae, etc. they must get maximunm federal prison time.
    Not until this occurs will the American public have ANY faith in their politicians.
    Where is the Gov’t database that enables citizemns to report suspected counterfeit mortgages? and possibly the persons envolved?

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