Our group just spent the past hour or so trying to figure out what the heck MERS is and the most succinct conclusion we can really make is that it's a company that designed to be a very deliberate deception of American homeowners. Here's a detailed flow chart to help unpack and organize some of the different properties of MERS that might help prep you for our PowerPoint presentation on the company next Monday. Click here for a larger image.
Let us know what questions you have so we can look into them a little more before we present! Opinions are appreciated as well.
So MERS is a company that contracts out to banks like Chase?
ReplyDeleteI think it is an entity that is government backed that owns all mortgages... so does the us government own all home loans?
MERS is definitely not my 哥们儿 (ge-mer: buddy). The first questions that people usually ask when they get hassled by MERS are who are you? and why are you foreclosing my home?
ReplyDeleteReally! MERS thinks that it has the power to foreclose people's home even though they don't have relationships with the homeowners or even did business with them. What MERS is doing is illegal! 讨厌！(taoyan: disgusting)
I think that the best part of this diagram is that it actually didnt help me at all. The system still doesnt make any sense. How can a normal homeowner be expected to know who they are when it takes four or five different informational packets to even start to get the idea?
ReplyDeleteOnce again, highly appreciate the charts! This gives a clear visual on how mortgages are sold on Wall Street and transferred into mutual and hedge funds. I am shocked that the deed explicitly gives foreclosure rights to MERS. I am wondering if the situation would have been different if Fieldstone Bank did not go out of business? I am assuming that the bank that wrote the mortgage should be in charge of the foreclosure then pass the rights of the property to the people they sold the mortgage to on Wall Street to make up for the loss of a payment (not exactly clear on this). The problem is the mortgage was bundled with others and the ownership is lost. From what I can comprehend, MERS is causing a bigger problem in identifying the true owner of a mortgage when their main mission was to keep track of the records. What a mess!
ReplyDeleteFirst of all on the MERS web site they say the the majority shareholders are the large banks themselves. Then they therefore have a stake in the electronic database that wants to control all of information to all of the mortgages in this country (According to their mission statement). Oh and by the way Freddie mac and Fannie Mae both are shareholders of MERS interesting that the government partially regulates this database and yet owns part of it at the same time.
ReplyDeleteI hope our group's presentation on MERS on Tuesday will be enlightening for everyone because I certainly was confused at first. The phantom "database" that now legally holds the rights to our mortgage information.
ReplyDeletehttp://hallmarkabstractllc.blogspot.com/2011/04/last-nights-60-minutes-expose-on.html
ReplyDeleteFor those of you that don't know what MERS is, please take a good look at the picture so you can also understand what our MERS presentation is about.