| San Francisco Assessor (and mayoral candidate) Phil Ting has announced results of an investigation of mortgage foreclosures from 2008-11. 99% of all foreclousres had irregularities. 84% were illegal. This is about MERS, the mortgage registry that was used as a shortcut when mortgages were sliced and diced in order to create "investment grade" bonds. County law (just about everywhere) specifies that the title to a house can only be legally transferred by filing appropriate documents with the registry of deeds. But MERS was trying to do the foreclosing when they didn't actually have legal title. (This wasn't just sloppiness or a legal technicality; the structure of the bond deals was such that no particular house went with a particular bond, and the assignment of houses to bonds was not made until somebody defaulted, after which the lowest grade bond was stuck with the first default.) |
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