By Moe Bedard
In June of 2008 I ran an article about MERS: Mortgage Electronic Registration Systems, Inc. MERS is named as a mortgagee on more than 50 million mortgages throughout the United States. Yet, MERS does not lend money to consumers. The purpose, utility and legality of MERS has been called in to question in the past and now it seems as if a group of trial lawyers may bring the entity to justice.
According to Attorney Bob Hager, MERS “was set up to conceal from the public, regulators and the courts the actual owners of these deeds of trust. When they figured out how to make money off of bad loans, the brakes were off and they started writing these bad loans as fast as they could so they could get them into the hands of investors without worrying about the risk associated with these loans going into default. They needed MERS to do that.”
Mr. Hager is at the forefront of a legal battle to bring MERS to its knees and save the homes of consumers throughout the United States. In Mr. Hager’s opinion, “If these MERS deeds of trust are unlawful as we contend in lawsuits here, and in Arizona and California, we could stop 70 percent of the foreclosures across the country.”
Source: KOLOTV.Com
{ 3 comments… read them below or add one }
They are unlawful and we are suing MERS TOO, timcotten@mris.com
I am a lawyer in RI. Just interviewed by NBC Nightly News. Running on MSNBC. 200,000 hits. I have filed suit against MERS in RI on at least 10 occasions. I stopped a MERS foreclosure with a TRO on May 8, 2009. Full briefs due on May 19, 2009. Could use some help with recent case law. Time is of the essence. My email is George@Babcocklaw.com
look at the assignsments of mortgage if ur in a recording state