dimelab dimelab: shrinking the gap between talk and action.

mortgage industry Topic in The Credit Debacle Catalog

mortgage industry lynch-pins (1).

Fri 2010-10-08 21:45 EDT

NO. THERE'S NO LIFE AT MERS

...MERS was founded by the mortgage industry. MERS tracks ``changes'' in the ownership of the beneficial and servicing interests of mortgage loans as they are bought and sold among MERS members or others. Simultaneously, MERS acts as the ``mortgagee'' of record in a ``nominee'' capacity (a form of agency) for the beneficial owners of these loans...More than 60 percent of all newly-originated mortgages are registered in MERS. Its mission is to register every mortgage loan in the United States on the MERS System. Since 1997, more than 65 million home mortgages have been assigned a Mortgage Identification Number (MIN) and have been registered on the MERS System...Since MERS is a privately owned data system and not public, all mortgages and assignments must be recorded in order to perfect a lien. Since they failed to record assignments when these loans often traded ownership several times before any assignment was created, the legal issue is apparent. MERS may have destroyed the public land records by breaking the chain of title to millions of homes...

Life; MER; s.

Tue 2010-08-24 19:45 EDT

HOMEOWNERS' REBELLION: COULD 62 MILLION HOMES BE FORECLOSURE-PROOF?

Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles--and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof...

62; Foreclosure-Proof; home; homeowners; rebellion.

Calculated Risk Fri 2009-09-04 19:23 EDT

FHA: The Next Bailout?

John Burns Consulting sent out a note today titled: FHA Likely To Be The Next Shoe To Drop"The FHA's aggressive lending programs have continued throughout the housing downturn, causing its market share of the mortgage industry to grow from 2% in 2005 to 23% today. ... The FHA insurance fund, however, is likely running dry. ...

Bailout; Calculated Risk; FHA.

Fri 2007-11-09 00:00 EST

Calculated Risk: WaMu and The Rep War

by Tanta: "outsourcing regulatory liability to a third party bag-holder and doing business on a representation and warranty basis without pre-sale due diligence" are mortgage industry lynch-pins

Calculated Risk; Rep War; WaMu.