Huffington Post - Explains MERS is a Shell Company and WHY it is Fraud - They have labeled it Part One! Please read the article to get a better understanding, if you do not understand it at this time, of how MERS is Fraud! This does not discuss the MBS Fraud of the securities being sold multiple times.
Portion:
Designated officers of the servicers" are "elected" as officers of MERS so that they can act on behalf of their own company while pretending to act for this artificial one.
"Loan servicers" are the companies that collect and process loan payments, and the big banks themselves act as loan service companies. As the Associated Press reported last year, Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure are passing through -- and enriching -- companies accused of preying on the people they're supposed to help." These companies actually target people who are struggling to pay their bills, because they make more money from late fees.
Who are the largest loan servicers? Bank of America, Wells Fargo, JPMorgan Chase. and Citigroup Inc. That's right: The artificial corporation called "MERS Inc." holds your note as a facade, and it could very well name as its officers the very same bankers who issued your loan in the first place. (Or, as we're about to find out, not.) But in this case they're officers of "MERS," not their own organization.
There have already been lawsuits against loan servicers for wrongful foreclosure, misrepresentation, breach of contract, conspiracy, violation of state debt collection laws, and predatory lending, just to name a few. It's not as if we need another layer of obfuscation, confusion, and secrecy to further cloud the legal process. The owners of MERS are turning the corridors of justice into a hall of mirrors.
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