More trouble for MERS

MERS Mortgage Registry Sued by Delaware Attorney General

Beau Biden, Deleware Attorney Sues MERS for ripping off counties and improperly foreclosing on mortgages with no proof of ownership. Bars any MERS foreclosures from taking place in the State of Delaware. By proxy this also means that all MERS mortgages are invalid as they broke the chain of legal custody, etc.

I still think the best move for our government is to buy all these mortgages, refinance them on better terms which guarantees they get their money back fully and just start the whole game all over again.

Originally posted by sligtlyskeptical

I still think the best move for our government is to buy all these mortgages, refinance them on better terms which guarantees they get their money back fully and just start the whole game all over again.

Where would the fun in that be?

Or how about all morgtgagees get an automatic reduction of their interest to 3% in exchange for a fresh new wet-ink signed mortgage, title, and note. The banks are still making money because 3% is more than the 0.25% discount rate...mortgagees have more money in their pocket to spend which could be used to pay down other debt or fuel consumer spending, and any clouded chain of title issues are cleared up