Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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From: Kenneth E. Phillipps	10/8/2010 3:09:35 PM
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Foreclosure Mess ----- Attorneys working on behalf of homeowners have also been challenging the legal validity of the Mortgage Electronic Registration Systems, or MERS, an industrywide system created to consolidate the process of transferring mortgages. By naming MERS as the "nominee" for the lender in original loan documents, the system speeds the sale of mortgages by replacing the more costly paper trail required to record the transfer directly in courthouses or local governments. But judges have recently been siding with homeowners' attorneys, who argue that MERS doesn't have the legal authority to sell a mortgage. .."They don’t have standing to assign (the mortgage), they only have the ability to record the mortgage," said Bopp-Stark. "You take that a step further and you can challenge their ability to transfer a mortgage." If that legal theory holds, the entire food chain of mortgage finance could be called into question — including the value of bonds backed by mortgages. MERS tracks more than 65 million U.S. mortgages and continues to log transfers underlying the mortgage-backed securities market. msnbc.msn.com

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