How MERS Enables Banks to Foreclose


You may never have heard of the Mortgage Electronic Registration Systems (MERS), but it's the culprit that enabled many of the "robo-signers" to perpetuate their foreclosure fraud. L. Randall Wray provides an excellent overview of the fraud in a three part series for the Huffington Post.

Banks not only created MERS, but depended on this electronic record keeping to deny homeowner's even a chance to modify their mortgages. Servicers, which are primarily the big banks, knew they had the cards stacked against homeowners so they didn't have to play ball with Obama's home modification program.

Originally published