Inquiring minds are learning about 10 reasons why the MERS problem won’t be corrected by legislation. Over at ForeclosureIndustry.com Christine Springer makes her list:
1) First piece of legislation never works
2) If Congress encumbers an unencumbered property, it’s basically a taking of the property.
3) Property is not interstate commerce
4) It would be a taking that’s unprecedented in scale, scope, and size and would bankrupt the Treasury.
5) It’spolitical suicide to even atempt especially now.
6) Congress would be better served by reigning in bank behavior.
7) Many courts have already ruled that MERS has no standing to assign mortgages.
8) There are several issues to fix in MERS inorder to make the system legitimate.
9) Fixing the MERS problem will not fix the other issues with respect to foreclosure documents.
10) Too many people know enough about MERS to make legitimization by legislation seem over the top ridiculous.
Please click the link and read the full explanations. The investment is well worth the time.
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