MORTGAGE LOAN COMPLIANCE®

October 13th, 2010 8:40 AM

The 2,300 plus bank owned Mortgage Electronic Registration System, or MERS, acts as a trading house for millions of mortgages. Lawyers for homeowners say the system lacks the required paper trail to prove mortgage ownership in foreclosure proceedings.

JPMorgan Chase's CEO, Jamie Dimon, says the bank has stopped using the electronic mortgage tracking system used by major financial institutions in a conference call Wednesday to discuss the bank's quarterly earnings.

JPMorgan Chase and other banks have suspended some foreclosures following allegations of paperwork problems in thousands of cases.

Lawyers have argued in court proceedings that MERS is unable to accurately prove ownership of mortgages.

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Posted by Customer Service on October 13th, 2010 8:40 AMPost a Comment (0)

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