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MERS. MISMO, MBA . . . Gorillas in the MIST

Reblogger
Real Estate Agent with Keller Williams Metropolitan

Carla really hit the nail on the head, and gives us alot to think about.

Need a home in Charlotte, take a look around our Charlotte Real Estate

Take Care... Keith

 

 

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Original content by Carla Muss-Jacobs, RETIRED Inactive License Oregon

If it walks like a duck, quacks like a duck . . . Broker Byrant has written an excellent post:  MERS, Who Will Kill The Beast?

Got me thinking . . . that's a MIGHTY BIG GORILLA in the room (and no offense to Gorillas, they are really magnificant animals.)

But I'm going to outline the inherent conflicts of interests that MERS, MISMO and the MBA have managed to get away with.

BB has laid out what MERS is, and why there were "created" and adds this link The MERS Edifice Quavers

[An edifice is a structure.  A quaver, when used as a verb: to "shake tremoulously"  Perhaps the title MERS Edifice Quavers = The house (of cards) is wobbbly???]

So, MERS was set up, "founded" in 1995.

In February 2009 MERS was "selected" to manage MISMO, the day-to-day operations.  And I use quotes to highlight the word "selected."  Because with the monopoly MERS developed, could there have been any other "selection" made by MISMO?!?

MISMO = Mortgage Industry Standards Management Organization. 

Is "standards" the new "monopoly?"

"The Mortgage Industry Standards Maintenance Organization, (MISMO) is a not-for-profit subsidiary of the Mortgage Bankers Association (MBA). It is a developer of technology standards for both residential and commercial property transactions in USA market. By promoting improved data consistency, MISMO aims to reduce costs and increase transparency while promoting confidence in mortgages as an asset class for investors.[Cited, emphasis added]

Is "standards" the new "monopoly"?!?

BTW . . . MBA (see below) has full control of MISMO.  Keep that in mind.

February 2009 statement by MBA President and CEO John A. Courson: "It has always been the intent for MBA to develop and nurture MISMO and then align with another entity to conduct day-to-day management of the company in a way that best serves the real estate finance industry." (Cited, emphasis added)

Of course.  Could it be any other way?  ". . . . best serves the real estate finance industry."  MISMO wanted to align with another entity.  Of course they did.  And what other "entity" could they nuture and align themselves with?!?  There's really one, or were there several "candidates/organizations" for this hmmmm . . . alighnment?  is "alignment" the new "collusion" . . . I'm just sayin'  I call it the old FOX IN HENHOUSE set-up. 

MBA = Mortgage Banker Association is a national association representing the real estate finance industry. Their membership base is the usual suspects: lenders, originators, servicers, underwriters.  A top heavy association with no consumer base "best interests" seemingly apparent.

MBA also has a PAC.  A Political Action Committee is a nice way of saying pimp LOBBYIST.

MORPAC = Mortgage Bankers Association Political Action Committee. MORPAC raises money to help elect and re-elect candidates to Congress who have an "understanding" of the real estate finance and housing industries, and who are supportive of the mortgage profession. The lobbying group is headed by Joe Reppert. "It is the only PAC that directly represents the interest of the real estate finance industry in our nation's political system."  "It is the only PAC that directly represents the interests of the entire real estate finance industry in our nation's political system. It is the industry's voice for helping elect Congressional candidates who understand and listen to our industry's views on the issues."  MORPAC

Congress, thanks to MORPAC, apparently has the best "understanding" of the real estate finance and housing industry in our nation's political system -- the best that money can buy.

So . . . there you have it boys, and girls.

The Mortgage Bank Association, (MBA) has FULL CONTROL of MISMO, and in February 2009 they "aligned" with MERS.  And tagging along . . . just for the hell of it, MORPAC.

 

 

Carla Muss-Jacobs, helping the shit hit the fan since 1958

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Representing Buyers Since 1999 ~

Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor®

Principal Broker/Owner  ~ EBAPortland, LLC
YOUR Exclusive Buyer's Agent

(503) 810-7192 / Carla@CarlaHomes.com

EBA Portland, LLC

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