The MERS/Treasury Settlement Agreement

Very weak language, but then again MERS is a corporate animal that is truly too big to fail. The larger question is how we all allowed this to get so out of control and past the point of no return.   The next question is, where do we go from here?   How do people get back to work?   How do Americans regain any respect or trust for our government?   How do our courts step back into a very messy public space and restore order?

The emperor has no clothes, that is the cancer.   This is merely a symptom…..read from the consent agreement….

In connection with services provided to Examined Members related to tracking,and registering residential mortgage loans and initiating foreclosures (” residential mortgage andforeclosure-related services”), MERS and MERSCORP:

(a) have failed to exercise appropriate oversight, management supervision andcorporate governance, and have failed to devote adequate financial, staffing, training, and legalresources to ensure proper administration and delivery of services to Examined Members; and

(b) have failed to establish and maintain adequate internal controls, policies,and procedures, compliance risk management, and internal audit and reporting requirements withrespect to the administration and delivery of services to Examined Members.

By reason of the conduct set forth above, MERS and MERSCORP engaged inunsafe or unsound practices that expose them and Examined Members to unacceptableoperational, compliance, legal, and reputational risks.