It has become so common for members of the securitization industry to play fast and loose with the truth that nothing should surprise me any more. Nevertheless, I am taken aback by a rough transcript of the remarks by William Hultman, the general counsel of MERS (formally “senior vice president and corporate division manager“), before members of the Virginia House of Representatives last week. The overwhelming majority of statements he made about matters that can be verified are either untrue or at best disingenuous.
Here is the transcript.
Transcript of VA House Presentation HB 1506 by MERS General Counsel William Hultman
We’ll parse the troubling bits more or less in order, starting here…