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Wireless Password: 9166703926  MERS express purpose is to “eliminate[] the need to prepare and record assignments when trading mortgage loans.” Evade county recording fees, avoid publicly recording mortgage transfers, facilitate the rapid sale and securitization of mortgages en masse and shorten foreclosure times Effectively supplanted the public recording system, undermining the integrity of centuries old system of land record-keeping MERS Undermines the Integrity of Public Land Records A shell company with no economic interest in any mortgage loan 23 shareholders: originating and servicing (Bank of America, CitiMortgage, Inc.); GSEs (Fannie Mae and Freddie Mac); mortgage and title insurance companies (First Title Insurance Company); and the Mortgage Bankers Association Responsible for tracking approximately 70 million loans Estimated $2 billion in avoided recording fees Average mortgage transferred 2 to 3 times 70 full time employees 20,000 “certifying officers”—execute paperwork to initiate foreclosures with little to no supervision WHAT DO WE NOW KNOW ABOUT MERS?  Home mortgage consists of two documents: -Promissory note -MortgageKRS 382.360(3): After the initial recording of a mortgage, all assignments of a mortgage must be recorded in a county clerk’s office. “The assignment of the note...necessarily carries with it the assignment of the indemnifying mortgage...” Napier v. Duff, 136 S.W.2d. 1083, 1085 (Ky. 1939). A Mortgage in Kentucky A “mortgagee” is “[o]ne to whom property is mortgaged; the mortgage creditor; or a lender.” BLACK’S LAW DICTIONARY 1104 (9TH ED. 2009).“In a twist of logic from what you might first think, the borrower offers the lender a mortgage on the property as a guarantee to repay the loan agreed upon by the two parties. So the mortgagee is usually the party that stands to lose if the loan is not repaid. That said, MERS is listed as mortgagee on mortgages to be registered in the MERS system by its members. This is a