Corker proposes alternative to MERS


Corker proposes alternative to MERS

Corker proposes alternative to MERS

Lets see who all are the “Financiers” of this new proposed MERS.

Does he not think the bankers are already working on  a way out of MERS and into a new MERS?

Either way, we need to get away from anything electronic as this is not safe and opened to all sorts of fraud. I know I would never ever get anything with any “nominee” verbiage in any of my personal possessions. HELL NO!

Housing Wire-

Sen. Bob Corker, R-Tenn., hopes to create a new mortgage registration system to streamline the transfer of mortgages nationally.

Corker said the registry would function similar to the Mortgage Electronic Registration Systems by creating a single, nationally recognized system for the transfer of loans.

Corker included the MERS redux proposal in his Residential Mortgage Market Privatization and Standardization Act, a bill introduced this week to outline the mortgage finance market’s transition from dominance by government-sponsored enterprises to a privatized system.


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One Response to “Corker proposes alternative to MERS”

  1. Slade Smith says:

    Reading the bill, it is clearly an expansion of MERS, not just a replacement.

    — Unlike MERS, which is purported to be merely a registration system and is not a recording system, the proposed MERS 2 is a recording system.

    — State recording laws are preempted. The bill reads: “All mortgage transfers shall take place according to national standards and shall be recorded in the MERS2 system”.

    — “All” mortgage transfers are to be registered in the system– not just some on an elective basis, as is the case with the current MERS system.

    Left open is the question of to what extent the current MERS registry entries would be incorporated into MERS 2, or whether entries in the existing database would be endowed with the status of official recordings.


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