Rumors, Rumors. Is Lame Duck Congress Planning A CYA Bill For MERS Mortgage Fraud? | Crooks and Liars: "When Congress comes back into session next week, it may consider measures intended to bolster the legal status of a controversial bank owned electronic mortgage registration system that contains three out of every five mortgages in the country."
The Mortgage Electronic Registration System saved banks and real estate trusts billions of dollars in recording fees that are supposed be paid when somebody sells the mortgage on a piece of property. The banks set up MERS to avoid paying those fees. They didn't record the changes in ownership. They just passed the mortgages around and kept track of which banks owned which mortgage using this electronic system. That's why they can't prove ownership. Nobody has a valid recorded deed.
And what about the billions they owe the counties all across this nation?
Watch for the lame duck Congress to bail out the banks, once again.