The Madeleine Brand Show

The Madeleine Brand Show is a daily, two-hour program that looks at news and culture through the lens of Southern California. Hosted by Madeleine Brand

MERS' little secret

by Steve Proffitt | The Madeleine Brand Show

21604 full
A house under foreclosure that will soon be auctioned in the Spring Valley area in Las Vegas on October 15, 2010. MARK RALSTON/AFP/Getty Images

Here’s a bit of a Halloween horror story. A little-known company that has no paid employees holds 60% of all mortgages recorded in the United States.

It’s called MERS, the Mortgage Electronic Recording System, and as Steve Proffitt explains to Madeleine, some attorneys representing foreclosed home owners say it has no right to foreclose on properties. And some judges are agreeing.

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