TROUBLE For MERS: Were U.S. Counties CHEATED Of Millions In Real Estate FEES By The BANKSTERS?

[Segami]

:popcorn: :popcorn:



" In Guilford County, North Carolina, the Register of Deeds, Jeff Thigpen, is questioning if his county was cheated out of more than a million dollars real estate fees because banks did not file proper chain of ownership documents with his office.


Instead, the banks used a Virginia based company called MERS. It bypassed the local Register of Deeds office, not just in Guilford but all counties across the U.S.


MERS stands for Mortgage Electronic Registration Systems. It manages a centralized electronic property data base that is a critical tool in securitization, or bundling, of mortgages into securities (mortgage-backed securities). About 60 % of all mortgages, or 65 million U.S. homes, are tracked in MERS. Yesterday, the Greensboro News and record reported Thigpen said,



“As register of deeds I have two primary responsibilities in land records,” Thigpen wrote in the release. “A sworn duty to protect the chain of title and a fiduciary responsibility to collect recording fees. Quite frankly, MERS has undermined both. Through their own ‘private-for-profit’ Register of Deeds mortgage tracking office, MERS has created a dangerous centralization of power whose sole purpose is to protect and serve the interests of major banking conglomerates and undermine public recording officers.”......http://www.news-record.com/content/2011/03/02/article/register_of_deeds_wants_investigation_into_major_mortgage_companies



MERS was established by big banks, and many contend it is nothing more than an electronic shell company with no employees.........http://www.washingtonsblog.com/2010/10/what-is-mers-and-what-role-does-it-have.html....

Financial institutions such as Wells Fargo, Bank of America, JP Morgan, Citi and others all use MERS. Mr. Thigpen alleges MERS may have made false statements since 2005 to avoid fees in his county that he says add up to more than $1.3 million. To get an idea of how much of a problem this is for MERS and the banks, consider this probably happens in every single county in America!



cont'

http://usawatchdog.com/trouble-for-mers-keeps-mounting/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+UsaWatchdog+%28Greg+Hunter’s+USAWatchdog%29


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[rfranklin]

1. Wasn't that the whole purpose of MERS?

Another way to line the pockets of the banksters.

[upi402]

2. Mortgage Electronic Registration Systems shell game

Mortgage docs? We don't need no stinkin mortgage docs.

[bemildred]

3. Is that a trick question?

That was the whole point of MERS.

[DURHAM D]

4. If they had to pay all the fees that were avoided every County

in the country could lower property taxes.

[xchrom]

5. Oooh - this could get good. Nt

[annabanana]

6. And the battlefield gets BIGGER! . .

All those "too big to fail" motherfuckers are going to break themselves up trying to get away from this mess.

[PufPuf23]

7. How transparent and timely was MERS with title insurance companies?

What a freaking mess!

[Lars39]

8. Kick

[annabanana]

9. Saturday kick . . . . n/t

[Cassandra]

10. They owe more than twice...

California's debt.

[Trekologer]

11. The ironic part is that the banks screwed themselves by using MERS to avoid paying recording fees

For mortgages that they are unable to locate the paperwork for, the country would have had an official copy, had they properly recorded the assignment of the note.