which is that county registars have been cheated out of millions of dollars because the banks and servicers did not bother to legally transfer mortgages and pay the fee each time the loan changed hands.
AND
that even with MERS supposedly doing the tracking, the loan papers are STILL incomplete, which means the loans that were bundled and sold to investors are ....illegal.

So, who gets to un-ravel the millions and millions of mortgages, and of illegal foreclosures, that do not have all the required paperwork?


Further down the article, it suggests that The House might cobble a law together to paste over the problem.
No matter what laws are passed, the damage has been done, much of the needed paperwork is GONE, and cannot legally be replaced.

a word to anyone contemplating getting a mortgage: You need to find out if you are buying a legal title from previous owners, since
"The year 1997 also happens to be when the MERS system began operating."
which means they started to bypass county records, and funny documentation tricks started then.

defrauding our counties of those billions of dollars and the costs were shifted to us taxpayers.

MERS excels at concealing fraud and has clouded Title to millions of properties regardless of any alleged loan default. I agree with you about missing paperwork which is why document mills and robo-signers exist.

I really wonder what MERS would do if ordered to file the missing Assignments in PA. What dates would they use? If they use a date from the actual year say 2006 but actually file the conveyance in say 2015, it’s clear from the record the mortgage is no longer valid. Or would they date every missing Assignment within the past 6 months of filing to pretend they were all recently conveyed and remain valid?

If they were ordered to file those missing Assignments, how many fraudulent foreclosures would that reveal in the land records?

I saw this coming which is why I’m in court trying to fix my Title. I imagine that one day soon the line behind me will grow rather long.

It figures that a Republican would conceive of a “MERS 2” and introduce a bill as though MERS was so wildly successful it deserves a sequel.

We had a sound land records system which is nearly 100% electronic now and still they pretend it’s somehow so cumbersome to use, phooey – they wanted a means to conceal their mortgage and securities fraud.

All we got out of this massive fraud was trashed land records, void mortgages and clouded property Titles.

Somewhere though is a bankster stashing trillions of dollars of our wealth.