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Matt Taibbi: An Extremely Long Metaphor to Explain Mortgage Chaos

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At www.rollingstone.com

The functional effect of MERS is to create an obfuscatory wall between the homeowner and the actual owner of his mortgage loan. The problem with MERS is a paradox at the heart of the 'ownership' question. On the one hand, MERS is the legal assignee of a lot of these mortgage notes. On the other hand, it's not the 'real' owner of the notes, in any way that could ever help you, or the state, or the investors in mortgage-backed securities.

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At www.rollingstone.com


 

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