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Loan Modification

: Mortgage Lender Implode-o-Meter

Why Mortgage-Backed Securities Aren't (Backed by Securities): How MERS Toasted the Banks

By Implode-Explode Heavy Industries

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``I have argued that MERS, a creation of the mortgage banking industry, has effectively destroyed the institution of private property in America. Ironically, MERS was created to facilitate quick and easy and cheap securitization of mortgages -- what are called mortgage-backed securities. In fact, what it did was to eliminate any backing of the securities by mortgages... What this means is that foreclosure is not permitted. As I have said before, it is likely that most or even all foreclosures occurring in the US are illegal seizures of property -- home thefts.''

Full post as published by Mortgage Lender Implode-o-Meter on January 02, 2011 (boomark / email).

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