The Madeleine Brand Show for October 29, 2010

MERS' little secret

Mercer 11602

MARK RALSTON/AFP/Getty Images

A house under foreclosure that will soon be auctioned in the Spring Valley area in Las Vegas on October 15, 2010.

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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