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Released: August 25, 2011
‘MERS morass’ is hanging up foreclosure settlement
Source: Brady Dennis, Washington Post (Free Registration)
State and federal officials negotiating a settlement with the nation’s biggest banks over shoddy foreclosure practices are hung up on how they should deal with a Reston-based company that has acted as a proxy for financial firms throughout the country for more than a decade. Some officials refer to the dilemma as the “MERS morass,” referring to Mortgage Electronic Registration Systems, whose vast but controversial registry contains roughly 65 million mortgages.Read Full Article: ‘MERS morass’ is hanging up foreclosure settlement
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