Mon, 03 Jan 2011

An Extremely Long Metaphor to Explain Mortgage Chaos

If you're looking for the genesis of the mortgage crisis, this is as good a place to start as any.

The idea behind MERS was to wipe away centuries of legal tradition that mandated the physical transfer of loan notes and ownership information. Whereas lenders once were required to physically register with county clerk offices every time a mortgage loan was extended or re-sold, MERS provided an "electronic registry" of mortgage notes where all such transfers were recorded in the wiry brain of a giant computer instead of on paper.

(link) [Rolling Stone]

via Masson's Blog

/Politics | 0 writebacks | permanent link

comment...

 
Notes: If you put a <mailto:> link in the URL field your address will not be mangled: this could be a bad idea as your email address could be easily harvested by bots designed for SPAM. The comments field should now format correctly for line feeds and carriage returns: when you hit the 'Enter' or 'Return' keys in your comment it should break to a new line. The text should wrap cleanly. Please let me know if it doesn't. No HTML tags will pass through - entering links seems to be the main cause of comment SPAM. Also, please be sure that Javascript is enabled in your browser before attempting to post a writeback. Sorry for any inconvenience, but this really helps cut down on the amount of comment SPAM I have to deal with.
 
 Name:
 URL:(optional)
 Title: (optional)
 Comments:  
Save my Name and URL/Email for next time