The electronic world has been the main cause of this all. This confusion would not have been made possible if they never created MERS and gave anyone (20,000+) a license to sign. No supervision, no guidance, lack of regulations…no excuses.
Two Financial Services subcommittees held a joint hearing on Thursday, July 7 to review the role of Federal regulators in the ongoing mortgage servicing settlement negotiations and the development of new mortgage servicing standards. Witnesses included regulators from the Office of the Comptroller of the Currency, the FDIC, and the Consumer Financial Protection Bureau, and two state attorneys general.
@ 3:12:30 Mr. Stevens: on Document Mills and Robo-Signing “Laws were violated” “Legal Violations” “Card Table with Burger King Kids” “Laws Broken by some Institutions not all”
@ 3:17:50 Mr. Manzullo: on Mortgage Electronic Registration Systems (MERS) “By-Pass local recorder” “That’s the reason now a lot of people who don’t know who owns the NOTE, don’t know who owns the mortgage” “Automation thing made it worse”
Financial Institutions and Consumer Credit
Oversight and Investigations
Click here for the Archived Webcast of this hearing.
Ms. Julie Williams, First Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller of the Currency
Mr. Mark Pearce, Director, Division of Depositor and Consumer Protection, Federal Deposit Insurance Corporation
Mr. Raj Date, Associate Director of Research, Markets and Regulations, Consumer Financial Protection Bureau, U.S. Department of the Treasury
Hon. Luther Strange, Alabama Attorney General
Mr. David Stevens, President, Mortgage Bankers Association
Mr. Michael Calhoun, President, Center for Responsible Lending