Friday, November 27, 2009
"Who OWNS Foreclosed U.S. Properties?..."
For me, this article and situation is interesting.
For some, it looks like it could be a windfall or a nightmare...
For some, it looks like it could be a windfall or a nightmare...
On the SeekingAlpha blog, Jeff Nielson educates us about M.E.R.S.:
"As I wrote in Part I, MERS is nothing more than a confidential electronic registry which exists only to 'track mortgages and the changes of servicing rights and mortgage ownership'. In other words, it has no proprietary interest in these mortgages.
The reason why that last fact is so important is because of the fact that Wall Street had created such convoluted chains of 'ownership' that even in court proceedings the banksters are unable to show any party in these chain of transactions as having clear title to the mortgage."
