AP: Bypass of County Fees Sets MERS Liability at $60 Billion+

“Assuming each mortgage it tracks had been resold, and re-recorded, just once, MERS would have saved the industry $2.4 billion in recording costs, R.K. Arnold, the firm’s chief executive officer, testified in 2009. It’s not unusual for a mortgage to be resold a dozen times or more.

The California suit alone could cost MERS $60 billion to $120 billion in damages and penalties from unpaid recording fees.”

4 Responses

  1. In NY MERS won at the highest court level, the Court of Appeals. Court held that the county recorder could not refuse to record the MERS mortgage docs.

    Anyone have any ideas re throwing a legal monkey wrench into this?

  2. Check out yesterdays hearing at congress regarding foreclosures and problems with loan mods!!

    http://www.radioiowa.com/2010/11/17/attorney-general-testifies-before-senate-on-foreclosures/

  3. I’m in perfect agreement with you Cheryl and the fee’s that have been kept just from the counties alone are just phenomenal.If that money had been used to do what it was supposed to they would’ve been stimulating local economys which in turn would have stimulated growth in other areas of the so called chain.You really don’t have to be the brightest light in the harbor to see where this is going.Graft Greed and the like is why we all find ourselves here today.It used to be for the good of all,now it isfor the good of the select few.Until our country and our people get on board with this,we shall continue to have these things come up and bite us in the but.

  4. Now all you gotta do is multiply that amount by 50 and then we’d have no more recession/depression!
    No state would be broke!
    Ha! good enough for the crooks!
    PAY IT ALL BACK!

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