If were trading in the market and MERS was a public company I’d be shorting the stock. This release from R.K. Arnold does nothing more than admit the problem and his response is “say it isn’t so!”
My speculation is that the reason for this release is that companies that were paying their fees are changing their minds and distancing themselves from the whole MERS setup. At the very least, they are reconsidering their options — or at least that is what I would do if I were in the position of the banks and pretender lenders. The mere presence of MERS is indicative of the flaws and defects in title. If MERS is there, the problem is there and in my opinion it can’t be fixed. The “securitization” documents, the Internal revenue Code, state law and common law all run against the contention that MERS was a proper vehicle for evading recording requirements and fees. In my opinion it was also a shield for tax evasion, and a vehicle for “plausible deniability.”
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