With daily developments in the fight to stop foreclosures and almost every local and national news outlet using acronyms like HAMP, HARP, HAFA, Fannie and Freddie in their reporting one major name is emerging at the center of the foreclosure mess: MERS.
MERS, short for Mortgage Electronic Registration Systems, was created as a way to save money on mortgage recording fees and pass those savings onto homeowners. Instead what MERS has done is cloud the ownership interests in millions of homes nationwide. A Jacksonville Foreclosure Lawyer found a great synopsis of the origination and operation of MERS. For full text of the MERS article click here.
Thanks to Foreclosureblues for the content.
