Last week the Chief Executive Officers of MERS, R. K. Arnold, issued a statement to the Kansas City Star defending the organization's practices and clarifying its role in the current mortgage crisis. This statement comes as many people have begun to point a finger at MERS for further complicating the trail of ownership of mortgage loans. Mr. Arnold defends MERS practices by stating that MERS is just one cog in the complicated, overall housing finance process and that MERS efficiency in "technology designed to reduce paperwork" saves both money and time for the American homeowner and "keeps mortgage funds flowing to the consumers who need it."
When addressing the current problems in the foreclosure process, he states that the foreclosure process was simply not designed to handle the volume of foreclosures it is now seeing. Mr. Arnold also confidently states "MERS helps the mortgage finance process work better. The MERS process of tracking mortgages and holding title provides clarity, transparency and efficiency to the housing finance system. We are committed to continually ensuring that everyone who has responsibilities in the mortgage and foreclosure process follows local and state laws, as well as our own training and rules."
With more than 64 million loans registered in the MERS system and thousands of allegations of lost mortgage documents, purposeful circumvention of state and local mortgage recording statutes and even document fraud, MERS and its CEO appear to take no responsibility for the role it has played and continues to play in the nationwide foreclosure crisis. If you have a loan that purports to be owned by MERS and are facing foreclosure, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to schedule a no-cost review of your case.
