Mortgage Electronic Registration System

3:39 pm
Wed January 23, 2013

Conway Alleges Mortgage Swapping Company Violated State Law

Claiming they committed fraud, Kentucky Attorney General Jack Conway has filed a suit against a mortgage company. Mortgage Electronic Registration Systems, or MERS, provides a marketplace for banks to trade mortgages and mortgage-backed securities.

Conway says it was set up by banks to avoid the fees that must be paid when mortgages are sold and to hide the true owners of those mortgages.

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