I think MERS sees the writing on the wall. After a few recent court rulings going against them, it looks like they are getting the message that their system just won't cut it anymore.
They are changing their membership rules and are putting a 90 day halt on any members foreclosing in MERS' name.
Here's a post with the embedded MERS announcement.
It looks like banks are going to have to play by the letter of the law when trying to foreclose. They will have to show them the note and all the documentation for all of the transfers.
The question is, do most of them have the proper documentation in order to foreclose? If they had the documents, then why did they go through the trouble of creating new ones and having them robo-signed?
Slowly but surely, the light will start to shine on what has been going on with the mortgage securitization process.
Comments(4)