The National Association of Independent Land Title Agents (NAILTA) has announced that it is opposed to a provision in legislation offered by Senator Bob Corker (R-TN) that would create “MERS 2”, a federal mortgage registry modeled after and designed to replace the existing bank-owned MERS mortgage registry.
In its position paper on the Corker bill, Senate Bill 1834, NAILTA says that it “is opposed to any reconstituted MERS system because the MERS model is a deeply flawed system that continues to harm consumers, small business owners, and county governments across the United States.”
Lets see who all are the “Financiers” of this new proposed MERS.
Does he not think the bankers are already working on a way out of MERS and into a new MERS?
Either way, we need to get away from anything electronic as this is not safe and opened to all sorts of fraud. I know I would never ever get anything with any “nominee” verbiage in any of my personal possessions. HELL NO!
Housing Wire-
Sen. Bob Corker, R-Tenn., hopes to create a new mortgage registration system to streamline the transfer of mortgages nationally.
Corker said the registry would function similar to the Mortgage Electronic Registration Systems by creating a single, nationally recognized system for the transfer of loans.
Corker included the MERS redux proposal in his Residential Mortgage Market Privatization and Standardization Act, a bill introduced this week to outline the mortgage finance market’s transition from dominance by government-sponsored enterprises to a privatized system.
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