The key points.....in a nut shell are:
- * Tax Avoidance. In the mid 1990s Mortgage Bankers set up MERS to avoid paying State and County transfer taxes. All the assignment of mortgages would take place within this shell company so technicallly the owner of record would not change.
- * "Employees" who really aren't. MERS "owns" 60% of the Nation's mortgages yet has no real employees!! They allow employees of mortgage services, originators, debt collectors and foreclosure law firms to register as officers of MERS so they can use the corporate name to foreclose on properties!
- * Splitting the note and the mortgage. This action would basically make it impossible to foreclose on the note since the mortgage is the instrument used to secure the collateral. Splitting the two makes the note unsecured.
Take a few minutes and read the full article. The MERS Edifice Quavers (The Market Ticker)
Man oh man!!! The shit is truly getting ready to hit the fan. I really don't know what else to say. Do you?
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