Faulty Foreclosure Docs? Feds Investigate
They are looking into the methods of the Mortgage Electronic Registration System, which tracks mortgage loan ownership and servicing rights. MERS is being investigated by the Office of the Comptroller of the Currency after some consumer attorneys and other groups criticized the electronic loan registry's legal standing.
MERS argues that its service streamlines the process of filing mortgages in county land records, thus saving money for both lenders and consumers.
But critics say that the privately held company, whose data has played a key role in cases, does not have the capability it claims and has allegedly introduced defects into the foreclosure process.
For more on related topics see these AOL Real Estateguides:
- Stop Foreclosure Rescue Scammers Before They Scam You
- Foreclosure Help: What a Housing Counselor Can Do
- Mortgage Jargon in Simple Terms
- How Much Home Can I Afford?
- How to Buy Foreclosures
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