Let me just correct that last paragraph. MERS was created by the mortgage industry to avoid recording fees at county offices. This notion that the county offices couldn’t handle it is just not true. The banks didn’t like that they were charged for the transfer.
As this mentions, Arnold wasn’t just a figurehead CEO, he basically was MERS. They only have a handful of employees, and he’s been there since 1996. As much as this is a personnel decision, it’s also the end of MERS, in a sense. Throughout the foreclosure fraud crisis, MERS has been exposed, not only as a tax avoidance scheme, but as a registry which introduced tremendous complexity into the securitization process, and led to a breakdown in the mortgage assignment process. The “electronic handshake” pulled off by entering mortgage transfers into the database simply does not have the same force of law as reality, and MERS has no internal standards or tracking of the transfers put into the database, making them only slightly more credible than fiction. And MERS trying to both stand in as the mortgagee and also claim no financial responsibility in the mortgage makes absolutely no sense, as several judges have pointed out. You cannot justify MERS without offering up a series of lies and misstatements.
Numerous states have MERS lawsuits floating through the system. I don’t see how the company survives, or at least how it becomes more trouble for the banks who own it than it’s worth. Arnold must have thought so too.
Let me just correct that last paragraph. MERS was created by the mortgage industry to avoid recording fees at county offices. This notion that the county offices couldn’t handle it is just not true. The banks didn’t like that they were charged for the transfer.
As this mentions, Arnold wasn’t just a figurehead CEO, he basically was MERS. They only have a handful of employees, and he’s been there since 1996. As much as this is a personnel decision, it’s also the end of MERS, in a sense. Throughout the foreclosure fraud crisis, MERS has been exposed, not only as a tax avoidance scheme, but as a registry which introduced tremendous complexity into the securitization process, and led to a breakdown in the mortgage assignment process. The “electronic handshake” pulled off by entering mortgage transfers into the database simply does not have the same force of law as reality, and MERS has no internal standards or tracking of the transfers put into the database, making them only slightly more credible than fiction. And MERS trying to both stand in as the mortgagee and also claim no financial responsibility in the mortgage makes absolutely no sense, as several judges have pointed out. You cannot justify MERS without offering up a series of lies and misstatements.
Numerous states have MERS lawsuits floating through the system. I don’t see how the company survives, or at least how it becomes more trouble for the banks who own it than it’s worth. Arnold must have thought so too.
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