Monday, March 7, 2011

As Major Banks Move Toward Foreclosure Settlement, A Deeper Look at MERS...And Does It Hold Your Mortgage?

 UPDATE 3/7: CalculatedRISK has the the settlement proposal document and further information.

Original Post 3/6: 
MERS, the Mortgage Electronic Registration System, is a tiny company located in Reston, VA.  Though it's not paid nobody nothin', it holds title to roughly 60 Million mortgages--about half of all those in the USA.  It has been at the center of the "robo signing" crisis/scandal 

Learn about MERS in this NYT article, on the eve of a settlement by major banks with the States Attorneys General and Federal regulators, which could drastically alter foreclosure proceedings, to the benefit of struggling homeowners.  (Though, some say, drag out housing's "recovery" until 2014).  More info on the settlement here and here.

If you've purchased, do you know who holds your mortgage?

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