MERS ARTICLE REVEALS INHERENT FLAWS

see FORECLOSURE_SUBPRIME_MORTGAGE_LENDING_AND_MERS1

Editor’s Note: This appears to be public domain. The article is excellent in its analysis of MERS. Here is the Table of Contents:

FORECLOSURE, SUBPRIME MORTGAGE LENDING, AND THE MORTGAGE ELECTRONIC REGISTRATION SYSTEM
Christopher L. Peterson*
TABLE OF CONTENTS
I.
THE AMERICAN REAL PROPERTY RECORDING SYSTEM
II.
THE ORIGIN AND OPERATION OF MERS
III.
THE QUESTIONABLE LEGAL FOUNDATION OF MERS
A.
MERS Does Not Own Legal Title to Mortgages Registered On Its Database
B.
MERS Lacks Standing to Bring Mortgage Foreclosures
C.
MERS’ Foreclosure Efforts Implicate the Federal Fair Debt Collection Practices Act
i.
MERS is a Third Party Debt Collector
ii.
Mortgage Servicers that Cloak Themselves in MERS’ Name Should be Construed as Debt Collectors
D.
Loans Recorded in MERS’ Name May Lack Priority Against Subsequent Purchasers for Value and Bankruptcy Trustees
IV.
ANALYZING MERS’ ROLE IN THE RESIDENTIAL MORTGAGE MARKET
A.
MERS and the Mortgage Foreclosure Crisis
B.
MERS and Atrophy of the Land Title Information Infrastructure
C.
Title Recording Law and Democratic Governance