Rumors were rampant Friday that R.K. Arnold, the CEO of the embattled MERS, would resign. Today, MERS made the announcement. Maybe they’ll hand out the CEO position on a rotating basis the way they hand out Vice Presidencies or “certifying officer” positions to anyone who asks for one! Actually, no. Merscorp Inc., the parent company [...]
|By: masaccio Friday November 19, 2010 3:56 pm|
MERS is a screw-up. Congress should let them run the entire property registration system. How do these fit together? Money is such a lubricant.
|By: emptywheel Tuesday November 16, 2010 2:21 pm|
Liveblogging of the Senate Banking Committee hearing on foreclosure fraud continues. Senator Richard Shelby was actually pretty good, but then Sens. Mike Johanns and Bob Bennett went to some length to try to pretend the banksters weren’t doing what they were doing.
|By: David Dayen Tuesday November 16, 2010 12:35 pm|
This hearing is the latest example of national policymakers getting involved in the foreclosure fraud issue. The Congressional Oversight Panel warning of the enormous risk from the failures of servicers was the first report of its kind at the federal level to take full measure of the situation, and this is the first Congressional hearing. Senators on the Democratic side like Jeff Merkley and Sherrod Brown are sure to press the bank representatives aggressively on why foreclosure mitigation programs have failed, and why they used false documents to evict people from their homes. The ranking member on the Republican side, Richard Shelby, wants to investigate failures at the major loan servicers.
|By: David Dayen Monday October 18, 2010 6:30 pm|
I’m told that MERS is doing briefings on Capitol Hill for Congressional staffers. This is usually kind of the first round of a pushback campaign. Though the issues surrounding MERS are well-known and have been litigated in state courts for a while, today they decided to respond to the many assaults on their business model. The CEO of MERS, R.K. Arnold (is that MERSCORP or MERS Inc., which has no employees?), delivered a statement today, meant to “clarify” questions about its operations. Let’s take a look.