http://www.zerohedge.com/article/mers-ceo-rk-arnold-leaving-company
Are the banks using Arnold for the fall guy?
The banks themselves are responsible for the inception of MERS, not Arnold.
They were trying to cut a fat rat and did so it seems for close to a decade, until their house of cards fell down.
Now it seems there are 65 million homes that don't have titles that can be traced.
The mortgage investment banks single handedly fried a 400 year old system that worked without a fault for it's intended purpose, by using a system that they created, that only worked in theory to hide what they were doing.
Stealing America blind.
I see the mafia got picked on and I ask myself why. The investment banks have done way more damage to this country than the mafia ever has, and rather than arrest them our governmennt protects and rewards them.
I can't wait to hear what Karl has to say about this.
Is the biggest fraud in the history of the US housing market about to come unglued? If so, take our prediction of a $100 billion total in future BofA rep and warranty reserves and triple it.
From the WSJ:
The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement could come within days, according to people familiar with the matter.
The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm's board of directors has met in recent days to address the fate of the company and its chief executive, R.K. Arnold, the people said.
Arnold and other MERS executives didn't respond to requests for comment. A MERS spokeswoman Friday declined comment. Arnold, a former U.S. Army Ranger, has served as the CEO and president of Merscorp Inc., the parent company of MERS, since 1998 and has been with the company since its inception 15 years ago, according to a corporate biography.
MERS was built by Fannie Mae (FNMA), Freddie Mac (FMCC), and several large U.S. banks in 1996 as an electronic registry of land records. That created a parallel database to facilitate the packaging of loans into securities that could be sold and re-sold without being recorded in local county courthouses, reducing costs for banks. The company's name is listed as the agent for mortgage lenders on more than 65 million home loans.
But the company's practices have begun to receive heavy scrutiny from state prosecutors and federal regulators, particularly in light of foreclosure-document problems that surfaced last fall. State and federal lawmakers have begun to consider bills that would make it harder for banks to use or foreclose on properties through MERS.
