No MERS Bailout Coming from This Congress

[Better Believe It]

No MERS Bailout Coming from This Congress
By: John Carney
Senior Editor, CNBC.com
November 16, 2010

Despite legal troubles the electronic mortgage database known as MERS has encountered recently, there is no legislation rescue coming soon, according to sources on Capitol Hill.

Not only is there no legislation being drafted on Capitol Hill, there is no chance that any such legislation will come up during the lame-duck session of Congress begun this week, according to both Democratic and Republican sources.

I reported last week that Neil Garfield, a self-styled consumer advocate, had written that his sources had told him that legislation was being passed to retroactively forgive flaws in the mortgage and foreclosure process under MERS. Garfield said that President Obama was prepared to sign the bill.

My sources on Capitol Hill say that no such legislation is coming anytime soon.

Read the full article at:

http://www.cnbc.com/id/40218912

[mzmolly]

1. 140 recs for the incorrect assumption, and 0 for encouraging facts? Sad. Thanks for posting

an update BBI. :hi:

Here is the original thread on this subject:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9557216&mesg_id=9557216

[n2doc]

2. Good. Let the repubs in the next house have to deal with it n/t