Good for him. The News-Journal is reporting that Delaware is filing suit against MERS (Mortgage Electronic Registration Systems). Here’s the lede to the News-Journal story:
Delaware joined what is becoming a growing legal battle against the mortgage industry today, charging in a Chancery Court suit that consumers facing foreclosure were purposely misled and deceived by the company that supposedly kept track of their loans’ ownership.By operating a shadowy and frequently inaccurate private database that obscured the mortgages’ true owners, Merscorp made it difficult for hundreds of Delaware homeowners to fight foreclosure actions in court or negotiate new terms on their loans, the suit filed by the Attorney General’s Office said.
Read the article and feel the bile rising in your stomach. This is one more example where the game has been rigged and the 99% have been screwed to line the pockets of the 1%.
I can’t resist quoting one more excerpt from Eric Ruth’s article:
Also known as MERS — Mortgage Electronic Registration Systems — the national registry was established by investors, banks and industry players in the 1990s to streamline the process of buying, selling and re-selling mortgages, a practice that grew ever more frenzied as the now-burst housing bubble expanded.
Yet the company — incorporated in Delaware and based in Reston, Va. — is actually an industry “front” that frequently fails to accurately track the ownership transfers or even enforce its own rules on members, leading to many cases where crucial legal documents were improperly “robo-signed” by employees at the various member banks, the suit said.
Attorneys General are increasingly on the cutting edge of fighting on behalf of the 99%. While I’ve been strongly critical of AG Biden for allowing Tony DeLuca and others of his (wait for it) ‘ilk’ to essentially get away with ripping off the state taxpayers, Biden has consistently challenged the big-money interests on behalf of the rest of us. Be it Bank of America, BC/BSD, and the rapacious mortgage industry, he is doing far more to promote the goals of OWS than any other elected official in Delaware.
I salute him for it and urge him to keep it up.