I know how to make this all go away….let’s just throw out all the rules and make everything legal….right? I mean things are so twisted up and those pesky laws like the Uniform Commercial Code, hundreds of years of real property law and hundreds of years worth of evidence and court rules we just cannot work with anymore…right?
So let’s just throw them all out the window, make everything legal. Yep, that’s what we need. That’s what it will take to get the whole country moving again. Let’s just let the banksters get back to work…..here’s what our friends over at HousingWire have to say about all this:
Rajadhyaksha believes legalizing the Mortgage Electronic Registration System(MERS), a controversial mortgage registry, will streamline the legal process to accurately transfer loans. “Make this process uniform across states,” Rajadhyaksha wrote. “This will remove uncertainty around the documentation related to proper ownership of these loans.”
With investor confidence an utmost concern, Chris Katopis, executive director of the Association of Mortgage Investors, said servicer practices need to be addressed to build up investor confidence.
“Many servicers are conflicted, and they may not be servicing mortgages properly,” Katopis said. “Very often they are harming the interests’ of both investors and homeowners’ interests. This has a negative impact on private investor demand for mortgages and limits housing opportunities.” He added, “originators and issuers may not be honoring their contractual representations about what they sold into securitization.”
