Monday, May 9, 2011

US Mortgage Ownership is FUBAR

An obscure company in Reston, Va., the MERS Corporation, claims to hold title to 60 million loans -- roughly half of all the home mortgages in the nation. Judges, lawmakers and housing experts are raising questions about MERS (Mortgage Electronic Registration Systems), whose private mortgage registry has all but replaced the nation's public land ownership records. The biggest question: How can MERS claim title to those mortgages and foreclose on homeowners when it has not invested a dollar in a single loan?
Drudge Retort

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