Some Sand in the Gears of Securitizing – Who My Owns by Mortgage?

6:13 pm in Economy, Housing by admin

Some more gory details of the mortgage mess. Looks like a distinct possibility that the mortgage securitization might not hold legal muster. This opens the door of home owners to be able to sell their homes before having to pay the mortgage holder! Explosive stuff. A must read article.

The problems with MERS began to come to light when “vice presidents” of the firm began to submit affidavits in foreclosures, saying the original note had been lost. In some cases those notes were signed by people who signed thousands of such affidavits, and have now admitted they did not actually review the files, as the affidavits said they had.Nor were those people really employees of MERS. It turns out that MERS allows financial institutions that are its members to name anyone a vice president or assistant secretary of MERS. It seems a little unlikely that someone who had never been hired or paid by a company could be a vice president.

via Some Sand in the Gears of Securitizing – CNBC.

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