http://www.mersinc.org/news/details.aspx?id=243
Who made these decisions and were the taxpayers asked or told?
8/23/2010
Municipalities and States Adopt MERS® System to Ease Foreclosure, Vacant Property Registration
Boston, Los Angeles, Connecticut and Virginia allow the MERS® System
as an alternative to existing proprietary registries
RESTON, Va., Aug. 24, 2010—This month, the City of Los Angeles joined the Commonwealths of Virginia and Massachusetts, and the State of Connecticut, in accepting the MERS® System as an alternative to the City’s registry of foreclosed properties and property preservation contacts for vacant properties.
“Many law enforcement agencies and municipalities already use the MERS® System on an informal basis to find a loan’s servicer and identify the companies responsible for maintaining vacant properties in their area,” said R. K. Arnold, President and Chief Executive Officer of MERSCORP, Inc. “By formally allowing lenders and property preservation companies to use the MERS® System as a suitable location to store this information, the City of Los Angeles can save money and the time it takes to find the data.”
Current MERS members can use the system to register the identity of the property preservation company responsible for maintaining vacant properties, which are frequently in foreclosure. The MERS® System can track both residential and commercial properties.
“Maintaining residential vacant properties in foreclosure is important to prevent blight and to protect property values,” said Doug Guthrie, General Manager of Los Angeles Housing Department. “We’re able to see these benefits more quickly while saving on the city budget by partnering with MERS, whose system is immediately available and already in use by many property preservation companies.”
