Dude, Where's My Mortgage? How an Obscure Outfit Called MERS Is Subverting

[no_hypocrisy]

Our Entire System of Property Rights

Banks have scrambled America's system of private property ownership to the point that no one knows who owns what.

There is an unbelievable scandal in the making that threatens to subvert our four-century-old method for guaranteeing a fundamental building block of the American republic—property ownership. The biggest reason why you probably haven’t heard much about it is that it involves one of the most generic and boring company names imaginable: Mortgage Electronic Registration Systems, Inc., or MERS. It is a story of deception engineered at the highest level of power for short-term gain, and another epic failure of the private sector to uphold the laws and traditions of American society, even something as fundamental as property rights.

-much more-

http://www.alternet.org/economy/149189/dude%2C_where%27s_my_mortgage_how_an_obscure_outfit_called_mers_is_subverting_our_entire_system_of_property_rights/

[sharesunited]

1. MERS is a private registry of indebtedness.

It is akin to a cemetery registry.

It conceals the identity of the real party in interest much like a land trust does.

How difficult can it be to prove that the designated recipient of mortgage payments has stopped receiving them and that the borrower is therefore in default?

The question of plaintiff's standing to sue is settled by the borrower's own act of having previously sent payments to SOMEBODY.

I keep seeing these MERS "scandal" stories, but I believe they give false hope to defaulting borrowers.