Delaware AG Biden Settles with Mortgage Electronic Registration Systems (MERS)

Biden Secures Reforms from National Mortgage Registry

Settlement terms increase transparency and accuracy of mortgage records

Wilmington, DE – Delaware Attorney General Beau Biden announced today that the national shadow mortgage registry known as MERS, which was at the center of the housing crisis, has agreed to implement important reforms – including regular reports on the accuracy of its records – as part of a settlement of a lawsuit Biden’s office filed against it last year. Biden filed the suit after hearing from homeowners throughout Delaware who were unable to have meaningful conversations about saving their home and who were unable to find out who owned their mortgage.

Full press release below…



Delaware Press Release MERS

[scribd id=100005633 key=key-2j4mlun6f0e8b3gg7kwg mode=list]

13 Responses to “Delaware AG Biden Settles with Mortgage Electronic Registration Systems (MERS)”
  1. billmorgan says:

    I think it’s Attorneys General, not Attorney Generals……

  2. talktotennessee says:

    These suits are brought to feather a few pockets, cause a stir, make people think others are DOING something. Biden got his mileage out of it and the situation is actually worse now that he recognizes MERS and is dealing with them. This little shot across the bow threat worked for Biden. He got the banks attention and probably something more to boot.
    Lawsuits favor those who bring them. We are helpless. When the victim or public realizes how helpless and exposed they are, there is despair. Better to have one’s head stuck in the sand than to be cognizant of the fact that you are being raped and can do absolutely nothing to stop the violation.

  3. Beth A. says:

    The “rape” of the consumer just continues on….

  4. Hartzman says:

    Please cover this story.

    From a public records request of George Hartzman’s Wells Fargo NC whistleblower filing

    From an email sent to xxxyyy

    From the FOIA request for George Hartzman’s NC State filing: “Wachovia FAs Get New Name, But No Traditional Retention Plan”

    From the FOIA request for George Hartzman’s NC State filing: Marketing and Sales Presentations – FINRA Conduct Rule 2210

    Forwarded to Michael Mashburn, SEC and Daniel Stefek, FINRA- both of whom recieved NC Securities Division File No. 12 SEC 84, in late June, who spoke with George Hartzman during the second week of July

  5. J Alonzo says:

    Welcome to how things are done. The Sheeple get prosecuted and big corporations dont get touched!
    They pillage the sheeple out of their homes and rights and our elected officials and judges, DONT CARE!
    We are becoming a HUGE MEXICO. The middle class is getting crushed and the ultra rich and powerful is protected by our police and elected officials.

  6. talktotennessee says:

    Biden just ‘gave’ MERS, legal standing, allowing them to “clean up” their act for a buck and a few little reporting duties, little more than a slap on the wrist. Wonder if big banking backing this shell entity promised a little more into the campaign coffers, etc. You have to hand it to these politicians, they may put up a good front but it seems all are caving and collecting money for everything and everyone but the actual victims!

    The only thing of value is not allowing MERS to foreclose in their name and disclosure of who IS foreclosing but only in that state and only for 5 years. Big dot deal! No nationwide compliance just a little something to give the banks time to scrub their books.
    This is blatant sell out that got him a little positive recognition. This suit now slithers away with the rest of the slimy settlements that are bringing relief to no one who was and is being defrauded.
    Just more BS! Just makes one want to renounce citizenship in our declining plutocracy!

    • leapfrog says:

      yeah, this is CRAP.

    • leapfrog says:

      But how does he have authority to give MERS legal standing? There were no state laws passed giving this quasilegal database any authority over anything and who is he to now declare that they are absolved of any wrongdoing, when the whole stinking thing was never legalized from the get-go?

      • talktotennessee says:

        This is “back door” manipulation. By agreeing to terms WITH MERS, Biden acknowledged the state recognized their existence or standing when he settled with them, really the underlying banks that make up MERS “listing” database. Failing to challenge the actual validity of the entity but to alternately both recognize it and make demands on it as a legal entity, you have given your ‘blessing’ to its right to exist if they remedy a few indiscretions!
        It is a ‘read between the lines’ deal that goes on in the legal world.
        If you ‘ain’t’ against MERS, you endorse their right to act in the same capacity in which they have previously with a slap and a pat!
        This is what happened here. . . . .

  7. indio007 says:

    This doesn’t do anything to address the real problem with MERS. The accuracy of their system. Last I knew all that a MERS member had to do to get the mortgage transferred into it’s name was to simply assert it. No proof was required. Absolutely zero verification was necessary. I wish I could remember the case that a non-mers member company was suing because MERS transferred multiple mortgages to another company and would absolutely not respond to the true owner.

  8. Charles Cox says:

    They all sell out eventually…after all, he is a Biden…

  9. Tim Bryant says:

    Michael, please post the actual agreement once it becomes available….Thanx

Check out what others are saying...

Leave a Reply

Your email address will not be published. Required fields are marked *