that's what happens when Big Business and Big Government go out of control. Systematic unravel of balance. When the Federal Government is IN BUSINESS then, WHO is the regulator?
I heard an analysis of the forclosure mess which said the short cuts MERS took would be fine...... except when there is a contested forclosure. The analyst actually thought that!
It appears the banks were so enthralled by the easy money Mortgage Securitization brought, they either disregarded the risk of a downturn in housing prices or just figured they would be OK since it was mostly going through the GSEs - FNM and FRE and of course when they initially got bailed out, just stay the course, right? More Too Big To Fail BS, they thought they could falsify forclosure docs that were not kept in order by MERS. Unbelievable!
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