Controller Stephen Barron urging Northampton County to sue mortgage tracker MERS

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Controller Stephen Barron urging Northampton County to sue mortgage tracker MERS

Controller Stephen Barron urging Northampton County to sue mortgage tracker MERS

LehighBalleyLive-

Northampton County Controller Stephen Barron is urging the county to file a lawsuit against a company that tracks mortgage transactions on behalf of major banks, saying the company owes millions for not filing necessary documents.

Mortgage Electronic Registry Service, or MERS, is hired by major lenders to keep track of property and property liens they own and to file the necessary paperwork documenting them, Barron said Tuesday.

When the housing bubble burst in the mid-2000s, that task became more difficult as banks sold their end of mortgages as they tried to avoid toxic debt. As a result, MERS bore the responsibility of recording each local transaction with the Northampton County register of deeds, Barron said.

[LEHIGH VALLEY LIVE]

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