Another Way Banks Make Everyone Pay: The MERS Mortgage Mess | Fox Lake Towing and Recovery

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Another Way Banks Make Everyone Pay: The MERS Mortgage Mess

by Abigail Field on Feb.16, 2011, under Towing

Banks created the Mortgage Electronic Registration System to save themselves a boatload in fees by keeping mortgage transfers off the books of local governments. Now, a New York judge says the whole system violates state law, and banks holding MERS mortgages there can’t foreclose. Where will this disaster go from here?

Continue reading Another Way Banks Make Everyone Pay: The MERS Mortgage Mess

Another Way Banks Make Everyone Pay: The MERS Mortgage Mess originally appeared on DailyFinance on Wed, 16 Feb 2011 13:00:00.

Filed Under: Columns, People, Real Estate

:bankruptcy, banks, Columns, courts, fannie mae, foreclosure crisis, foreclosures, freddie mac, Ibanez, Judge Robert Grossman, Massachusetts, MERS, Mortgage Electronic Registration Systems, mortgage meltdown, mortgage note, new york, outsourcing, People, property, Property transfer, Real Estate, state law, U.S. bankruptcy court, unsecured debt, valid assignment

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