MERS, Mortgage Electronic Registry System, is a system used by the banks to evade paying fees or having to do the traditional paperwork necessary to change the ownership of property.
MERS’ owners are all the big mortgage companies, including Bank of America, Citigroup, Wells Fargo, JPMorgan Chase and GMAC. They are all facing a foreclosure-fraud investigation launched by all 50 state attorneys general, and all took government bailout money after the financial meltdown in 2008.
As I mentioned in my last posting, our lame duck Congress is thinking (if you could ever refer to their processing as having thought) of legalizing this system now, years after the major banks began using it with full knowledge of its legal problems. (Being a bank is very much like being in love in the movie, Love Story, you never have to say you are sorry.)
This is from the Washington Post. It explains why MERS is a problem.
I very much appreciate the Washington Post for developing this little picture and trust it was useful to you.