Gretchen Morgenson: Mortgage Registry Muddles Foreclosures

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Gretchen Morgenson: Mortgage Registry ‘MERS’ Muddles Foreclosures

Gretchen Morgenson: Mortgage Registry ‘MERS’ Muddles Foreclosures

When MERS gives you lemons, make lemonade!

Fair Game-

MORE good news from the housing front last week. Pending home sales rose 2.4 percent in July, to their highest level since April 2010. Mortgage delinquency rates are down: the Federal Reserve Bank of New York reported a decline of 6.3 percent at the end of June from the March quarter.

Granted, new foreclosures continued to be filed — 256,000 people had a foreclosure added to their credit reports in the June quarter — but that figure was the lowest since mid-2007, the Fed said.

In stark contrast to this improving backdrop are the legal battles still being waged over wrongful foreclosure practices. The glacial progress in these cases is not surprising, given the crowded courts and combatants’ usual stalling tactics.

What is surprising is the fresh evidence these cases are turning up of cockeyed mortgage practices, during both the boom and the bust. As these matters are adjudicated, perhaps we will finally learn whether these practices were intended or accidental.

[NEW YORK TIMES]

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2 Responses to “Gretchen Morgenson: Mortgage Registry ‘MERS’ Muddles Foreclosures”

  1. Sarah says:

    Oh you don’t say Gretchen? MERS muddles? Opening an article with so-called good news on the housing front, portends shallow content. As if those “legal battles” are a surprise of some sort. Then to suggest these practices weren’t intentional and a court room is where we’ll get to the bottom of these things. Would any former homeowner who has dared to try and save their home agree with this crap?
    Incidentally, what passes for investigative journalism is part of the problem, and a key part of the housing crisis. With the NYT, investigations that are opposed to money and power are taboo. The employee reporter must maintain a folksy, underlying faith in a system that is overwhemingly unfair, if not outright corrupt. I’d argue Gretchen’s beat has been more destructive than informative by ‘objectively’ avoiding any reporting of these facts.

  2. Lynne kushnir says:

    Home sales are rising because Banks are picking up foreclosed properties by the bucketful. This is good news for JP Morgan- and Goldman and Fanny who are loaded with mortgage backed securities that have been bundled into REITS now run by experts like Ranieri and Nicholas Schorsch. Not great news for people watching their home being auctioned off in Cape Cod or school children in Tampa Florida still doing homework at home, in their Van.
    Why has no one brought in servicing records? We are not following the money. Forget these fake made up Trusts that no one understands, that are only a robo signed cover up, we know that, so get the real servicing records, from the Servicer.
    What is the problem!
    wells Fargo is the greatest Bank in the world, the people’s Bank, it holds 3/4 of all US mortgages, and is the Servicer or Master Servicer for every single Trust that is mentioned in every suit across America today.
    For another penny of taxpayer’s dollars to be wasted in unnecessary adjudication when Well’s Fargo Bank would so readily help its fellow Americans with this necessary documentation is foolish. Just follow the money, and Homeowners will start to see justice.

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