The Federal Housing Administration ( Fha ) Essay

The Federal Housing Administration ( Fha ) Essay

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The average American does not know what Mers is, and what purpose it holds in their life. Mers is a corporation who was created by financial institutions such as Fannie and Freddie Mac, in 1995 to told title to a mortgage that would allow electronic reassignment of profitable owners to the mortgage. Mers’s database is a substitute for the county land record so recording fees can be bypassed and the change of ownership to title can be input electronically. Homeowners don’t know who they are paying their mortgages to because the ownership would frequently change lenders. MersCorp shouldn’t be able to track change of ownership because they have no obligation to do so. Also, Mers shouldn’t be allowed to exist, because it’s replacing the county public records. A government official from the Federal Housing Administration (FHA) or the U.S. Department of Housing and Urban Development (HUD) should be able to take over MersCorp. Those departments can efficiently better maintain and stabilize ownerships of mortgages. Documents would not be missing, fees would be paid, and consumers would actually have their considered questions answered by the proper personnel. MersCorp shouldn’t be granted the privilege to exist because it doesn’t benefit consumers, government officials should permanently take over the corporation.
Currently, a man named Bill Beckmann is the president of MERS. In Mr. Beckmann’s career he worked with two other companies dealing with banks and loans. One of the companies is CitiMortgage. He left CitiMortgage in 2008 because the former CEO stepped down and announced his plans to cut U.S. mortgages by 45 million dollars (that never happened). Right when Mr. Beckmann was awarded with his new job, CitiMortgage was forced to...

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...te in their hand to proceed with the foreclosure which, benefits the homeowner but is also harmful.
To conclude, Mers is not a constructive corporation, it is a waste of money even though the purpose of the company was to save money. Bill Beckman, the president of MersCorp should close down the business and hand or over to HUD or the FHA. These government officials would be able to overlook, the misguided use of Mers and turn it into a more suitable business that handles the use of mortgages. Consumers are affected by Mers when they can are in default and when they face foreclosure. Mers wasn’t a legit interest holder in a homeowner or investors real property so, courts could not foreclose on the house. Consumers were in a mist when they wanted answers to their questions about their mortgage. Mers is just a scam, that anyone who pay taxes should look out for.

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