NYT | MERS? It May Have Swallowed Your Loan

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NYT | MERS? It May Have Swallowed Your Loan

NYT | MERS? It May Have Swallowed Your Loan

Mortgage brokers hip deep in profits handed out no-doc mortgages to people with fictional incomes. Wall Street shopped bundles of those loans to investors, no matter how unappetizing the details. And federal regulators gave sleepy nods.

That world largely collapsed under the weight of its improbabilities in 2008.

But a piece of that world survives on Library Street in Reston, Va., where an obscure business, the MERS Corporation, claims to hold title to roughly half of all the home mortgages in the nation — an astonishing 60 million loans.

Continue reading … New York Times

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2 Responses to “NYT | MERS? It May Have Swallowed Your Loan”

  1. 3032oak says:

    “Where’s the police when you need them?” How many times have you heard or said that refrain??? Because it’s the truth…the police always show up AFTER the act and then the innocent spend time and money trying to prove the guilty party GUILTY!

    And that is where we are today in the case of this country’s financial collapse and the building of a company called MERS. Where was the SEC, where was the OCC, where were the FEDS…HECK where was just about ANY government agency??? Absolutely no government entity was on board ‘overseeing’ anyone in the covert operation of MERS.

    Now MERS appears to be the biggest culprit in the downslide of American trust (as it relates to banking and our government overseers at their worse). However, I ask you to contemplate the WHO, WHY, WHERE, WHEN and WHAT’s of this picture…remember the 5 W’s you learned in elementary school…well it still works to find the truth…Follow the 5 W’s to the beginning and clearly the ‘story’ of this crime will be the ‘bed-fellows’ that created MERS…the 5 W’s…

  2. dinsfla says:

    I agree. Seems like MERS does all the calling of the “shots”.

    Now it tells servicers NOT to foreclose under it’s name.

    WHO is was allowed per law to make such decisions when there is no law that permitted them to use MERS in the first place?
    WHY now after years of use?
    WHERE is the government once again to see why make immediate decisions without any approvals from state officials, courts, counties?
    WHEN is the END of MERS coming? After all the land beneath us has been foreclosed on? First remove the real execs…
    WHAT happens to all the many 10’s of 1000’s that were already been foreclosed in MERS? Are these legit or non-legit?

    The gov’t needs to back track to 92′ where there was a “special meeting of the minds” at the MBA headquarters… They know which one.

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