http://www.reuters.com/article/idUSTRE6954YV20101006
Some mortgages can be tracked in an electronic system known as MERS, or the Mortgage Electronic Registration Systems, that traces transfers among member banks. But the mechanism is not fully reliable, Ice said.
A recent sample among some 400 foreclosure cases Ice's law firm is handling revealed 71 percent with possible discrepancies in detailing the owners of clients' loans.
"Few of these processes followed the rules, shortcuts were used at every step," he said. "The industry itself doesn't know who owns what."
