Remember 2010-2011 and the daily revelations about robosigning?
Behind the shortcuts taken by servicers
in processing foreclosure documents (sometimes even employing forgery) was their
policy of recording mortgages and notes in the name of Mortgage Electronic Registrations
Systems, Inc. (MERS) to avoid recording subsequent assignments to individual
lenders or servicers when loans were sold or servicing rights transferred. This practice facilitated sales and transfers
and avoided the cost of making assignments but became problematic when those
loans fell into default and the chain of title became unclear.