Monday, November 7, 2011
MERS Inc. Founded 1995
Why hasn't the LSM covered the story regarding Beau Biden, AG of DE suing a company formed in 1995 (by the big banks) - Merscorp?
This company has a web site with .ORG but is also a CORP. with a catch phrase
"Process Loans, Not Paperwork"
Here's a list of MEMBERS under "B", mostly local, regional and national banks.
There are so many banks within the Merscorp "family", all of whom issued mortgages, many of which CANNOT LOCATE THE ORIGINATOR!
MERS is headquartered in RESTON, VA!
The most scandalous aspect to this story is the ROBO-SIGNING of foreclosures.
In practice, the foreclosure process should go through various steps, but MERS and their off shoot Merscorp Inc. want to "process the loans, not the paperwork" in other words get the foreclosure concluded upon regardless of the process.
According to Bloomberg News, above, foreclosures are up 20% since 2010.
Could this increase in foreclosures be linked to MERS and their "expediting" of the paperwork?
How many houses are in foreclosure in the US today?
According to REALTYTRAC as of June 2011, there were over 1.17 million properties in foreclosure in the U.S.
Although different states have varying processes toward foreclosure and bank repossession, in general the graphic right shows what may occur to a delinquent mortgage holder.
Finally the shareholders in MERS are listed left in graphic form. I'm sure A.G. Beau Biden will enjoy his investigation of this labyrinth of OWNERSHIP.