Sunday, April 17, 2011

naked capitalism

from naked capitalism

Admittedly, this act of rebellion against MERS, the electronic mortgage registry by a Pennsylvania county is comparatively minor, but nevertheless illustrates the efforts various local bodies are taking to assert their authority against a system imposed without regard to state and local real estate laws.

Montgomery County estimates that it has lost $15 million in recording fees due to MERS, which its Recorder of Deeds, Nancy Becker, says has also made a mess of title records. She is working to get the county to cease doing business with banks that make use of MERS, and has launched an effort to get other counties in the state to follow suit.

It is about time that someone is standing up and saying something about how much of  crime MERS was against counties and property holders.  MERS has been a complete end run around the real estate and title laws of each stateand now one has ever questions why the banks were allowed to not have to pay recording fees and why Banks were allowed to be their own recorder and just say it is in new hands  because of MERS.  I can't believe it is has taken this long for counties to realize they got screwed!

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