Every citizen in this country is about to start feeling gut wrenching pain as state budgets are cut and essential services are slashed. Juxtapose this situation with the banks and Wall Street and you have identified one of the real problems in this country. Our nation cannot survive with an underfunded court system yet that is what we have.
During the run up to the current court funding crisis, the parties that are draining most of our court resources–the banks, figured out a way to circumvent the payment of the recording and service fees that were an integral part of their obscene profit-making machine. They created MERS, they avoided taxes, they defunded and corrupted our land title recording system that worked well for 400 years. Now they come screaming into court with millions of foreclosure cases with broken titles and they demand that our courts solve their problems.
Wall Street has it’s fourth most profitable year on record and our courts have to beg the legislature for money just to keep the lights on. That is grossly improper and I frankly cannot understand why this is allowed to continue. This has got to stop and at least some folks in power are willing to stand up for what’s right and do something. Thankfully there are still a few leaders out there in this country that are willing to lead:
NORTH CAROLINA REGISTER OF DEEDS SEEKS INVESTIGATION OF ” MERS” FOR REIMBURSEMENT OF $1.3 MILLION IN LOST REVENUE TO GUILFORD COUNTY
Guilford County Register of Deeds Jeff Thigpen announced today that he will be conferring with County Attorney Mark Payne, NC Attorney General and Secretary of State as to whether the Mortgage Electronic Registration Service (MERS) owes Guilford County fees estimated at $1.3 million in lost revenue from mortgage assignments. Thigpen also wants to review pending legal actions against MERS and consider options to protect the integrity of public land recordation offices.
” As Register of Deeds, I have two primary responsibilities in land records: a sworn duty to protect the chain of title and a fiduciary responsibility to collect recording fees. Quite frankly, MERS has undermined both. Through their own ” private for-profit” Register of Deeds mortgage tracking office, MERS has created a dangerous centralization of power whose sole purpose is to protect and serve the interests of major banking conglomerates and undermine public recording offices,” said Thigpen.