Wednesday, January 25, 2012

Harris County to Sue MERS for Over $11 million in Mortgage Fees

Harris County Commissioners Court voted Tuesday to sue a mortgage-recording firm the county attorney’s office believes owes the county $11 million or more in unpaid filing fees.

Mortgage Electronic Registration Systems Inc., or MERS, was formed by the mortgage-banking industry to “streamline the mortgage process,” its website says. When banks sell mortgage loans to other entities, that transaction generally is recorded with the county clerk and requires a fee.

According to County Attorney Vince Ryan’s office, MERS helped banks skirt that process, particularly as Wall Street began pooling thousands of mortgages and selling them to investors.

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