I’m astonished that any lawyer would have encouraged a mortgage bank into this kind of deal, but it was one of those free money things. Any bank using the MERS system paid no property transfer fees like everyone else. So, it was worth millions of dollars to use that system even though it had never been authorized by law in any state.
This is big news. If property cannot be transferred using the MERS system, hundreds of thousands of mortgage foreclosures were done outside the law and hundreds of thousands of pending foreclosures will not be possible.
(This web site, News Unrapped, is brand new and I would like my readers to take a good look at it and consider subscribing. jp)
via News Unwrapped