Why this story is not frontpage news I’ll never know, but this ruling could be another nail in the coffin for the Mortgage recordkeeping system known as MERS. Given what is at stake there are a lot of panicked executives in MERS land and they likely work for the Too Big Too Fail banks.
The market had zero reaction because it knows that the financial system is allowed to carry worthless mortgages at next to 100% of value on their balance sheets, so no real risk to capital exists (this is there thinking).
Another step in the MERS journey is complete, what will be next?
Scott Dauenhauer CFP, MSFP, AIF