While you read this article, remember that Pinellas County Judge Walt Logan warned of this long before anyone else was alerted to the dangers in his Azize opinion. How much more stable would our economy and our whole country be if the world listened to this Pinellas County judge so long ago? Something to think about as we continue spiraling into chaos…..
But critics say promises of transparency and of ironing out wrinkles in record-keeping haven’t panned out. The firm, which tracks more than 60 percent of the country’s residential mortgages but whose parent company employs just 45 people in a Reston office building, is on the firing line now.
Clerks from counties across the country are suing MERS to collect unpaid filing fees. Several state courts have rejected attempts by MERS to act on behalf of banks seeking to foreclose on delinquent mortgages. And Congress is weighing legislation that would bar home loan giant Fannie Mae from buying any mortgage listed in MERS, potentially a death knell for the registry.
