Here comes some long overdue trouble:
“Guilford County Register of Deeds Jeff Thigpen wants an investigation into a service used by major mortgage companies who may have made false statements to avoid fees that cost the county $1.3 million in lost revenue.
According to Thigpen, the Mortgage Electronic Registration System (MERS), a system established by mortgage lending heavy hitters like Wells Fargo, Countrywide Home Loans, Inc. and Bank of America, has allowed these companies to re-package and sell loans without filing with offices like his to maintain a publicly available chain of ownership. Thigpen said $1.3 million is a “conservative estimate” of what his office may have lost in recording fees since 2005.
Thigpen issued a press release Wednesday in which he said he is conferring with County Attorney Mark Payne, the NC Attorney General and the Secretary of State to see what can be done about recovering these fees and making information on who owns what available to the public at large.”
I am tempted to laugh, but instead, I can see how this ends: Bankruptcy for MERS, with the counties getting nothing, followed by very friendly enabling legislation in the Corrupt US Congress.
Why have the people in the Middle East risen up to throw off their corrupt oppressors — but not us. . . ?
Register of Deeds wants investigation into major mortgage companies
Greenboro News Record, March 2, 2011
Trouble for MERS Keeps Mounting
USA Watchdog, 4 March 2011