WSJ – Bank Regulators Launch Examination of MERS

Bank Regulators Launch Examination of MERS

Federal bank regulators are conducting examinations of two companies that banks use to process foreclosures, amid concerns that banks cut corners on thousands of foreclosure documents, Acting Comptroller of the Currency John Walsh said Wednesday.

Walsh, in remarks prepared for delivery Thursday, said his agency is examining Reston, Va.-based Mortgage Electronic Registration Systems, MERS, in conjunction with the Federal Reserve, the Federal Deposit Insurance Corp. and the Federal Housing Finance Agency.

MERS, which lets lenders package and sell mortgages without recording each transaction with county property offices, has come under fire from critics, who say it doesn’t have the right to act as the legal representative of the mortgage owner in foreclosure cases.

MERS officials have said the company’s activities are legal in all 50 states and have held up under previous scrutiny.

The examination will asses MERS’ “corporate governance, control systems, and accuracy and timeliness of information,” Walsh said in testimony prepared for delivery Thursday at the House Financial Services Committee.

Walsh also said his agency is also participating in an examination of Jacksonville, Fla.-based Lender Processing Services Inc. (LPS). That probe is being led by the Federal Reserve.

Rest here…

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Comments
5 Responses to “WSJ – Bank Regulators Launch Examination of MERS”
  1. Ron Moss says:

    Jessie James did not rob the trains He, like MERS was just along for the ride.

  2. SHERYL COREY MOORE says:

    MERS FILED ITS CORP PAPERS IN THE STATE OF WASHINGTON IN 2009 FOR A 4 MONTH PERIOD OF TIME ONLY AND UNINCORPORATED 4 MONTHS LATER. LONG ENOUGH TO FILE FORECLOSURES ON WASHINGTON RESIDENTS AND RUN BACK OUT WITH THEIR TAIL BETWEEN THEIR LEGS

  3. Exactly the robers are investigating themselves What Joke, The Police and The Robers are the same people !

    • RAMONA says:

      CONGRESS IS A JOKE, THE CALL THESE MEETINGS , ETC. ETC. AND THEY TELL THE CROOKS TO FIX THEMSELVES 10 YRS DOWN THE ROAD THEY CALL THEM BACK IN AND ASK WELL, YOU DIDNT FIX THE PROBLEM ARE WE GOING TO HAVE TO DO SOMETHING ABOUT IT?WHAT A CROCK

  4. Reggie in PHOENIX says:

    you have to laugh. Why do the Banksters keep being put in charge to “investigate?” anything……….. They were the ones who set up Mers…..so we are going to have them “investigate” their own monster? Makes no sense…..this world is so dumbed down.

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