SANTA ANA, CA, Mar 26, 2012 (MARKETWIRE via COMTEX) -- Home loans sold through Mortgatge Electronic Registration System (MERS) have recently popped up everywhere with telltale signs of what one may consider very questionable banking practices. Practices range from forgery and backdated court documents to documents being reported as missing or lost to somehow suddenly reappearaing signed by someone who may not have been authorized or with forged signatures.
CPAC (DE) Non Profit Law Clinic has recently seen a tremendous spike in occurances where they see the name MERS. According to Gary Lane, President and Lead Counsel of the Non Profit Law Clinic: "The largest Permanent Principal Reductions on Mortgage loans we're seeing as well as the most frequent have been cases where MERS was involved. We're seeing huge Principal Reductions by as much as 55% off current loan balances. These are the same homeowners that were previously facing foreclosure after being rejected for simple free loan modifications for several years." Lane continues, "I have a stack of completed settlement agreements to avoid continued litigation on my desk and for the most part, MERS is named in 8 out of 10 of them with substantial permanent principal reductions and some with fixed interest rates of 2% for the remaining life of the loan, not just for 5 years."
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