One Step Closer To The End: MERS Corporate Secretary Demoted

Tyler Durden's picture

MERS is finished. A month after CEO and President R.K. Arnold was the first rat to jump the
sinking fraudclosure enabling ship, the company's (and we use the term loosely - typically companies actually do stuff instead of just handing out $25 stamps) Corporate Secretary has Bill Hultman was just shown a purple slip, by being demoted to Senior Vice President. Although following earlier news that MERS is basically suspending its operations,
we are surprised that anyone pretends there is even a business model
behind the fraud. Per Bloomberg: "Merscorp Inc., operator of the
electronic mortgage-registration system under criticism by
consumer advocates amid a probe into lender foreclosure errors,
replaced Bill Hultman as its corporate secretary."

More:

Merscorp has made a series of changes as courts debate what role it has, if any, in home foreclosures. Chief Executive Officer and President R.K. Arnold, who hired Hultman in 1998, retired last month. The company also is examining reforms, including a proposed rule change on the company’s website Feb. 16 that would stop members from foreclosing in its name.

“They’re trying to clean up their house,” said Christopher L. Peterson, a law professor at the University of Utah in Salt Lake City who has written law-review articles critical of the company. “I’m not sure Hultman was the problem. It seems to me the problem is the business model.”

Lejarde declined to comment on the reason for the change in Hultman’s role. A telephone message left for Hultman wasn’t immediately returned.

And here is a reminder why with the extinction of MERS, virtually all US mortgages will be null and void.

Merscorp’s Mortgage Electronic Registration Systems Inc.
contains more than half of all U.S. home mortgages. Members,
which include the nation’s largest banks, log changes on the
private database rather than filing mortgage assignments with
county records offices each time loans change hands.

But don't tell the ponzi market. After all just like everyone now claims they had no idea that Madoff was a ponz, so in a year or so, everyone will be stunned, stunned, that everything we see on CNBC each and every day was a pyramid scheme.