I occasionally receive mail from colleagues who occupy the opposite side of the fence from my piece of the political and professional pasture, but whose views I respect. I received one of those emails recently from an attorney who thinks that MERS is the spawn of Satan. Well, that characterization of his comments is a little over-the-top, but that's the style I prefer. What he actually said was:
MERS while laudable in its goals completely disenfranchises the ordinary citizen (all of us) from appropriate legal transparency in real property matters. We used to be able to go to the County Recorder’s office and figure things out. No more. To my chagrin MERS has been wining cases around the US, but an enterprising state, Connecticut, is hitting back and extracting some blood from this turnip. Go states!
He included a copy of a recent Connecticut law that raised the recording fee for the first page of any document affecting a residential real estate mortgage held in the name of a nominee like MERS (other than assignments and releases) from $53.00 to $116.00. Now, that high fee may give MERS-haters a momentary thrill, until they realize that all MERS does is pass it along to the borrowers whenever possible. Thus, the blood that's squeezed is from a vampire, not a turnip, which sinks its fangs into the necks of consumers and replenishes its blood supply quickly.
Business principles are a bitch, aren't they?
I'm out of town all week and away from the blog until the week of July 7th. I hope that all the readers, even the trolls, have a happy 4th.