The mortgage machine backfires (NYT) A great column from Gretchen Morgenson on MERS today. Never heard of it? Would you believe some 60 million loans are registered in the name of MERS, set up by the mortgage industry as an electronic registry for mortgages to help expedite county clerk recordings. The big legal question is can a company that just acted as ‘nominee’ and didn’t own the mortgages it registered have the legal right to move against the borrower. Fascinating topic in light of a recent Kansas court ruling…
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