Mortgage Electronic Registration Systems (MERS): A System Designed to Create the Mortgage Back Security Bubble
September 28, 2009 by admin
I’ve gotten many e-mails regarding the Mortgage Electronic Registration Systems (MERS) case out of the Kansas Supreme Court. This is an important case but first let us discuss what MERS is.
MERS claims to be a privately-held company and their function is keeping track of a confidential electronic registry of mortgages and the modifications to servicing rights and ownership of the loans. However, if you dig deeper into MERS and their shareholders you will find the same crony bankers that have led our economy off the financial cliff.
Some of the shareholders include AIG, Fannie Mae, Freddie Mac, WaMu, CitiMortgage, Countrywide, GMAC, Guaranty Bank, and Merrill Lynch. It is a stunner how these same players show up in every financial war we have been dealing with. Read more about MERS…
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