Right off the rip a false statement has been made.
MERS cannot track the mortgage.
In a Federal court in Oregon, in undesputable testimony to the court, it was stated on the record, that the MERS system could not transfer a promisory note.
MERS does nothing more than to hold the titles of all properties registered into it's program. They don't have the capabilities to be able to track the transfers upon sale or purchase, that was left up to companies like LPS, who as it turns out didn't actually track the loans or transfers of title either.
MERS helps the mortgage finance process work better. The MERS process of tracking mortgages and holding title provides clarity, transparency and efficiency to the housing finance system. We are committed to continually ensuring that everyone who has responsibilities in the mortgage and foreclosure process follows local and state laws, as well as our own training and rules.”
