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Replies (4)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Tug of War- The firm Ben Bernanke's staff should start with first as a provider for this information is Merscorp, Inc. ... They may or do have a "bad rap" due to their handling of documents in foreclosure litigation although, they process most if not all of this data.
Almost every closed loan has a MERS Fee primarily for processing the borrower's loan and documentation into their database. And -- Yes - "Big Brother" is watching you.
http://www.facebook.com/pages/MERS/112655005413516?sk=wiki
Happy funding- Rudi
Almost every closed loan has a MERS Fee primarily for processing the borrower's loan and documentation into their database. And -- Yes - "Big Brother" is watching you.
http://www.facebook.com/pages/MERS/112655005413516?sk=wiki
Happy funding- Rudi
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Between Fannie, Freddie, Ginnie, FHA, and including the MERS system, they should have like 98% of that data. I guess Ben wants a Zillow like site to look at all of it in one place, and to be able to algorithmically analyze it. Maybe he can make everyone put there Mortgage balances and servicers on their Facebook account. I smell a new Media Company opportunity.
The big problem is that the actual lien-holders don't know what they own due to the Wall Street slice and dice. I guess we'll spend $80mil, to $180mil, building the database, and it will still be vague as hell.
The big problem is that the actual lien-holders don't know what they own due to the Wall Street slice and dice. I guess we'll spend $80mil, to $180mil, building the database, and it will still be vague as hell.
- Dan, "the_country_hick"
- Contributions:4691
"Not having such a database, the Fed argues, makes it difficult to establish parameters for mortgage modifications."
So what? The federal government should not be involved in any kind of loan modification at all.
This just sounds like more government grabbing power because it can.
So what? The federal government should not be involved in any kind of loan modification at all.
This just sounds like more government grabbing power because it can.
- Tug of War
- Contributions:1938
For those who would like to read the Entire Fed White Paper
America the mortgage: All your info, one click away
HousingWire Jan 5, 2011
"Ben Bernanke's letter on housing, which suggests an REO-to-rental program, garnered plenty attention focused on that idea alone.
But there is something equally notable: the Federal Reserve chairman and his teams of researchers also want an online database on every single mortgage lien in America."
**
"A final potential area for improvement in mortgage servicing would involve creating an online registry of liens," the Fed white paper suggests. "Among other problems, the current system for lien registration in many jurisdictions is antiquated, largely manual, and not reliably available in cross-jurisdictional form."
Not having such a database, the Fed argues, makes it difficult to establish parameters for mortgage modifications. Multiple loans on a single property, for example, should be more transparent if a government-led modification is to be best administered.
"Requiring all holders of loans backed by residential real estate to register with a national lien registry would mitigate this information gap and would allow regulators, policymakers and market participants to construct a more comprehensive picture of housing debt."
The national lien registry would also record the name of the mortgage servicer."
Entire Article
Also...Uniform Mortgage Data Program (UMDP)
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