I’ve written about MERS several times, most recently  MERS And Ownership and A Thirty Dollar Fee?

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)

James Pilant

BREAKING FINANCIAL NEWS >>> This is very big happenings for the entire financial system, including but not limited to banks and investment bankers , real estate owners and investors, stock owners (and all associated with that industry), as well as all of us who exist and are subject to market movement. For sure, there will be lots and lots of spin on t … Read More

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