Bristol County Board of Commissioners: MERS Cost Registries MILLIONS of Dollars

Taunton — The Bristol County Board of Commissioners sent a letter to Attorney General Martha Coakley on Tuesday concerning the “deceptive practices” of a mortgage process streamlining corporation, which it says cost county registries millions of dollars in the last decade.

The commissioners say Mortgage Electronic Registration System, commonly known as MERS, skirt public recording laws about recording mortgage assignments with the Registry of Deeds. The board says MERS is able to do this by keeping a secretive recording system for its participants that is not accessible to others.

The Board of Commissioners is asking Coakley to investigate and determine a course of action.

The commissioners said MERS, for more than a decade, has acted as a “nominee” for lending institutions that participate in its operation. After recording an original mortgage from a borrower to the lender with local registries, MERS does not do so thereafter, the letter says.

Read more: http://www.tauntongazette.com/archive/x1132534471/Bristol-County-Board-of-Commissioners-MERS-cost-registries-millions-of-dollars#ixzz1NOYPx0aA

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