MERS is a shell for the bankstas! It has destroyed 100’s of years of land records. Plain and Simple. How do you cure this defect of fraud?
See my MERS 101 page and do a search of all the cases where judges don’t agree with the assignment and the transfer of the note to what exactly is Mers’ role as either a nominee or a beneficiary?
The banks created this system to hide the fraud.
Bloomberg-
As the rest of the housing industry recovers, a little-known firm with a key role in U.S. mortgage finance remains stuck in limbo, wrestling with regulators, lawsuits and the departures of senior employees.
The turbulence feeds uncertainty about the fate of Mortgage Electronic Registrations Systems Inc., or MERS, which documents the ownership and resale of about half of U.S. home loans. A breakdown could force clients such as Fannie Mae (FNMA) and Bank of America Corp. to make costly changes to their loan businesses.
Management hasn’t completed fixes promised in a broad 2011 U.S. settlement designed to stop foreclosure abuses, according to two people briefed on MERS’ operations. Regulators rejected one of the firm’s consultants as unqualified and are examining why four employees hired to help with reforms — including the chief legal officer — recently quit, said the people, speaking on condition of anonymity because the matter is private.