Monday, November 22, 2010

Cook County Foreclosures: Game On

Posted By on 11.22.10 at 06:01 PM

The eviction moratorium is over. But the story's not, by a long shot. The push to "bolster the legality" (gosh, there are so many things I wish I could do that with) of the Mortgage Electronic Registration System by swarms of lobbyists is just beginning.

If you've missed why sheriff and not-mayoral-candidate Tom Dart had declared another foreclosure moratorium, Yves Smith's post Why MERS Needs to Be Taken Out and Shot is a good start. In the abstract, it's kind of zany, this attempt to replace a system based on over a century of settled property law with a glorified Excel spreadsheet ("It makes Facebook’s privacy controls look sophisticated, by comparison").

Dart claims his office has found "horribly deficient" filings. It wouldn't surprise me.

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