HuffPo-
Land records across the country have been polluted, diluted, laundered and rendered useless by MERS (the Mortgage Electronic Registration System), and Landtegrity.com has posted a petition demanding answers from the White House. The site is here and the petition can be found here.
One of the paragraphs from the petition reads:
Our Counties are being robbed of billions of dollars in recordation fees through unrecorded MERS assignments and we the people demand that they be paid. From the first MERS loan to the very last one. These are fees that pay for our policemen, our firemen and our roads and schools and you let the banks plunder it through slight of hand. We demand that these recordation fees NOT be paid with 1 dollar out of the US treasury but rather by the banks who premeditated and perpetrated this illegal MERS sponsored tax evasion and fraudulent foreclosure scheme.
MERS was purportedly and partially the brain child of Angelo Mozilo of Countrywide and is essentially a scheme that allows banks and servicers to evade fees normally associated with registering mortgages at local county registries of deeds.
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And MERS cannot secure the lender. They secure NationsBank (now Bank of America), under a 1998 Security Agreement. This contract can be found on the US Patent & Trademark Office website.