very serious post... if the MERs issued isn't settled all major banks will collapse

[blu]

I haven't had much time to post about this, but the MERS issue is very serious. Due to what is/was basically illegal activity by MERS and the reselling of mortgages, its legally impossible for banks to foreclose on houses.

There are already rumors that congress is going to rewrite mortage laws to allow banks to foreclose on them anyway (which is the only way the banks will stay solvent), but this will have repercussions a million times worse than the bailout.

foreclosures have already been blocked / restarted due to MERs but there is talk now that ALL foreclosures by banks involved will be stopped and that the banks will simply have to write off the losses.

mers really could be the downfall of the country

 

[uscitizen]

The Banks/market created the problem.
And yes it is a serious problem.

 

[uscitizen]

When I paid off my Mortgage I thought I was going to have to sue the current mortgage holdres ass to get clear title to my property. Took close to a year and then I still got a screwy letter 6 months after that wanting my mortgage payment.
Stupid asses deserve to be shut down.