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Banks sued for allegedly avoiding property recording fees

Super Contributor

Banks sued for allegedly avoiding property recording fees

 

Yet another lawsuit against MERS..........

 

The suit, in St. Clair County Circuit Court, says the banks created a database company, called Mortgage Electronic Registration Systems, which enabled them to avoid the payment of fees to the county’s recorder of deeds by having MERS assume the mortgage titles.

 

http://www.stltoday.com/news/local/illinois/banks-sued-for-allegedly-avoiding-property-recording-fee...

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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Senior Contributor

Re: Banks sued for allegedly avoiding property recording fees


pizzadude wrote:

 

Yet another lawsuit against MERS..........

 

The suit, in St. Clair County Circuit Court, says the banks created a database company, called Mortgage Electronic Registration Systems, which enabled them to avoid the payment of fees to the county’s recorder of deeds by having MERS assume the mortgage titles.

 

http://www.stltoday.com/news/local/illinois/banks-sued-for-allegedly-avoiding-property-recording-fee...


 

The way real estate titles are recorded in the US is very archaic, most rich countries do not even have such a thing as Title Insurance because the National or Provincial government operates a central land registry where it is easy for any interested party to check out a title. Title Insurance is very different from most kinds of insurance because so few of their customers will ever file a claim. Most of the cost of doing business in Title Insurance is paying people to visit County, City, Village, or Town offices to look at paper documents. There are legitimate issues with how the mortgage industry cuts corners in recordkeeping, but the very inefficient ways public records are kept in most states are a huge elephant in this room that journalists rarely mention. If our system for registering titles were less archaic, bankers might not have been tempted to cut corners by robo-signing. I think one or two states do have a central land registry, but in most US states there still are dozens or even hundreds of local offices. I know the public records for my own home are in a Town Hall four miles from here.
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