Harris County to Sue Mortgage Electronic Registration Systems (MERS) for Over $11 million in Mortgage Fees
Harris County to sue over mortgage fees
Harris County Commissioners Court voted Tuesday to sue a mortgage-recording firm the county attorney’s office believes owes the county $11 million or more in unpaid filing fees.
Mortgage Electronic Registration Systems Inc., or MERS, was formed by the mortgage-banking industry to “streamline the mortgage process,” its website says. When banks sell mortgage loans to other entities, that transaction generally is recorded with the county clerk and requires a fee.
According to County Attorney Vince Ryan’s office, MERS helped banks skirt that process, particularly as Wall Street began pooling thousands of mortgages and selling them to investors.
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4closureFraud.org
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At least one person runs it.
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11 million dollars is chump change. Besides, how does one sue a databank that has no human
employees?
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It’s about time someone sued these guys .Imagine if all these countys had the fees they were supposed to be making all along but didn’t because of MERS.Maybe we wouldn’t be in great shape but we would certainly be in better shape.Because of MERS,property taxes go up and house value goes down.Doesn’t really make good common sense.
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