Detailed market commentary at The Market Ticker
(The Year 2012 In Review)
You are not signed on; if you are a visitor please register for a free account!
|MarketTicker Forums Single Post Display (Show in context)||
User: Not logged on
|User Info||And Then.... It's Gone... (Secured Interest, That Is); entered at 2010-10-22 10:21:04|
Somebody is lying! I'll believe the judge.|
Statement by R.K. Arnold, President and CEO of MERSCORP, Inc.
FOR IMMEDIATE RELEASE
October 9, 2010
FACT: The trail of ownership does not change because of MERS.
MERS does not remove, omit, or otherwise fail to report land ownership information from public records. Parties are put on notice that MERS is the mortgagee and notifications by third parties can be sent to MERS. Mortgages and deeds of trust still get recorded in the land records.
While this information is tracked through the MERS System, the paperwork still exists to prove actual legal transfers still occurred. No mortgage ownership documents have disappeared because loans were registered on the MERS System. These documents exist now as they have before MERS was created. The only pieces of paper that have been eliminated are assignments between servicing companies because such assignments become unnecessary when MERS holds the mortgage lien for the owner of the note.
On another note, I mean subject.
If the all the papers that have been generated by MERS and that are held by the pension funds are almost worthless and IF the robos were not pumping up the stock market, I ask, seriously, "who would be the parties that we would be concerned about being bankrupt?" ... The banks OR your 401k etc.