| San Diego County, CA | June 3, 2014 Election |
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What is MERS?By George W. MantorCandidate for Assessor/Recorder/County Clerk; County of San Diego |
This information is provided by the candidate | |
Imagine banks running a separate, secret land title registry which allows them to change ownership of your loan to anyone they choose. Guess how that is turning out?Mortgage Electronic Registration Systems was created by the banking industry and not by citizens or legislation. It isn't authorized by anyone and is mostly a grand illusion created by confusion. Adding to the confusion is the fact that there appear to be at least three separate incarnations of this entity. The stated original purpose of MERS was to accelerate the recording process in order to keep up with the speed of the transfers of mortgaged backed securities. It was said to be viewed as a savings to the creators of mortgage backed securities because they could avoid paying the recording fees to the appropriate county. We now know that MERS was created to completely avoid recording the transfers so that the note and trust deed could be referenced over and over again in multiple pools of loans. |
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