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MERS Shortchanged CPA Funds in MA City, Towns of $400K

MERS Shortchanged CPA Funds in MA City, Towns of $400K


March 10, 2011

City, towns lose $400k for CPA

Essex County’s register of deeds says that Gloucester and Cape Ann’s three towns have been shortchanged nearly $400,000 in money that should have been earmarked for their Community Preservation Act funds, thanks to a business set up by major banks and mortgage lenders to track of millions of mortgages across the country and bypass the system.

Register of Deeds John O’Brien says the Mortgage Electronic Registration System, or MERS, has cheated taxpayers out of at least $22 million across Essex County alone. He is asking for the help of the attorney general’s office to recover that money — and upward of $200 million he believes is owed to county registries across the state.


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