Corporate Lawyer Laurence Platt Says Mortgage Rates will Rise Without MERS

MERS – Mortgage Electronic Registration Systems must stay in place otherwise according to corporate lawyer Laurence Platt, a partner at the firm K&L Gates, which defended Wells Fargo and US Bank in the Ibanez case, basically threatened the American homeowner with sky-high interest rates if the banks aren’t allowed to run their own private land recording system

More of what Laurence Platt had to say in The Fire Dog Lake News – quote – If local governments succeed in the fight against how banks have recorded the transfer of mortgage notes through the Mortgage Electronic Registration Systems, home loans could become as expensive as credit cards, K&L Gates Partner Laurence Platt said Wednesday

Platt admitted there were issues with the system, but he warned that scoring short-term political points could be the end of affordable housing.

“They are making secured credit unenforceable,” Platt said. “If you think you’re going to get 4% mortgages on unsecured loans, you’re wrong. You’re going to get credit card rates. MERS was designed to make it easy to transfer assignments in modern economics.”

This occurred on a panel at a meeting of the Mortgage Bankers Association, where Platt appeared with Georgetown Law Professor Adam Levitin, who has been critical of MERS. I corresponded with Levitin, and this was an accurate rendering of Platt’s remarks.

Our comments here at FHA Rates.Info are somewhat more clear and concise  that is the whole US Housing Market should be scrutinized and moderated by a government backed regulator who should operate under an open and transparent manner to make sure that trading conditions are fair honest creditable and transparent!

The Fire Dog Lake News – clip –

http://news.firedoglake.com/2011/01/20/top-corporate-lawyer-claims-mortgage-rates-will-skyrocket-without-mers/

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