|
I don't think this will offer a out for those you decide not to pay their loans off. A key phrase is; "MERS now brings foreclosure proceedings in its own name – even though it is not the financial party in interest."
Seems MERS also reduces risk to the loan holders. In some cases, especially in "toxic waste clean up", the cost of the clean up can be passed on to the loan holder.
The Idea of MERS makes investment sense, in that it allows smaller investors to participate in the mortgage business. It will be interesting to see what the spin offs will be or how this is remedied.
|