Naked Capitalism had an interesting post today about the investigations some Registers of Deeds have undertaken with regard to MERS, lost dollars and forged signatures and false documents in recorded mortgages.
We’ve posted before about the investigations undertaken by Jeff Thigpen and John O’Brien, and about O’Brien’s declaration that MERS owed his county approximately $22 million and his request that the state Treasurer withdraw his counties funds from Bank of America and deposit them with a community bank that did not do business with MERS. But the Naked Capitalism piece adds another dimension that may be more important than any we’ve discussed before:
So far, only a couple of local officers are undertaking these assessments, on their own initiative. At the same time, their efforts provide persuasive evidence of the extent of abuses, and thus help support the critics’ case. If more recorders were to take interest and start digging in their files and come up with tallies of various types of misconduct, this could have a significant effect on the debate. A favorite tactic of the banks has been to treat problems as “mistakes” and therefore exceptional. If more local level compilations show that “mistakes” are common or even pervasive, it will reveal that these alleged errors were a cynical profit maximizing policy dressed up as incompetence. And it would again show the banks to be liars.
So let’s hear from more local officials.