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Mortgage Registry Accused of Owing EP County Millions; Will County Sue?

EL PASO – Between record home foreclosures and devastating budget cuts, El Paso County has seen a rough couple of years recently. We usually think of these crises as separate, but some argue there’s a common link between these challenges, that lies with a company known as Mortgage Electronic Registration Systems, or MERS.

El Paso County is in a foreclosure crisis. According to the real estate information company, CoreLogic, more than 5,000 homes have gone into foreclosure since the recession began in late 2007.

Attorney Richard Roman has represented dozens of homeowners in foreclosure cases; he argues the real problem is MERS (Mortgage Electronic Registration Systems).

“MERS has…single-handedly taken the American dream of home ownership and turned it into a nightmare,” said Roman.

Full report here…