MERS Defined in GARFIELD GLOSSARY

see mers-admits-no-interest-in-mortgage-and-no-loss-on-default

see glossary-mortgage-meltdown-and-foreclosure

MERS

(Mortgage Electronic Registration Systems, MERSCORP):

A technology platform in which “members” gain access through password and user ID. Estimated number of employees is 17. Estimated number of “officers” self appointed is in the thousands. The platform is devoted to “servicing” participants in the securitization chain of mortgages. The platform allows members to enter data without any verification for authenticity or veracity and is frequently changed to reflect a member’s needs in litigation, foreclosure or other matters. Members also are allowed to appoint themselves as executives or employees of MERS for the purpose of executing assignments and other documents relating to mortgages, investor distributions etc.  The sole purpose of MERS is to circumvent the recording statutes in states, tax evasion, evasion of RICO enforcement, and to create a veil preventing the borrower from discovering the identity of creditors and to prevent a complete accounting for the securitized transaction. MERS is often named on Deeds of Trust as the beneficiary despite the fact that it has no financial interest in the obligation, note or mortgage and promises not to assert any such claim as part of its contract with members. MERS is also named as Mortgagee in Mortgages. In all cases, MERS is named as “nominee” allowing members to privately record transfers of notes and other indicia of ownership of the loan, despite the fact that the creditors are neither the members nor MERS. MERS is also used after the closing documents are executed by “assignment.” Verification of the above definition can be found on the MERS website at www.mersinc.org. See also mers-admits-no-interest-in-mortgage-and-no-loss-on-default

Tags: MERS, MERS INC, MERSCORP, Mortgage Electronic registration Systems
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