Dude, Where's My Mortgage? How an Obscure Outfit Called MERS Is Subverting Our Entire System of Property Rights | Economy | AlterNet

Dude, Where's My Mortgage? How an Obscure Outfit Called MERS Is Subverting Our Entire System of Property Rights Economy AlterNet

BEFORE MERS: “America's long-standing real estate recording laws, which required lenders to file all mortgage transactions—the origination of a new loan, for instance, or the transfer or sale of a mortgage between banks—with the county in which the property is located”

AFTER MERS “Mortgages would be changing hands dozens of times, going from loan originators to banks to Wall Street investment houses, which would collect them by the thousands and package them into complex debt instruments that would be chopped up into shares and sold off to multiple investors all over the world.”