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Loan Modification

: Mortgage Lender Implode-o-Meter

JPMorgan Stops Using MERS, Next Up: Everyone Else (And Don't Forget CMBS)

By Implode-Explode Heavy Industries

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"JPMorgan Chase's CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions. Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages. And after the effective foreclosure moratorium is about to cripple the RMBS market, here comes the collapse in CMBS."

Full post as published by Mortgage Lender Implode-o-Meter on October 13, 2010 (boomark / email).

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