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Regulators never questioned the underlying business model of Merscorp, whose private loan registry has become a lightning rod for foreclosure litigation.
April 15 -
With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using Merscorp Inc., which operates an electronic loan registry, to bring foreclosure actions.
October 28
The Consumer Financial Protection Bureau has hired Chris Peterson from the University of Utah, adding a formidable critic of mortgage securitization practices and payday lending to the young agency's staff.
As a law professor, Peterson was among the early critics of the Mortgage Electronic Recording System, questioning its standing to foreclose on homeowners and "MERS' culpability in fostering the mortgage foreclosure crisis," as he put it in a 2009
He's also written extensively about allegedly predatory policies by payday lenders, arguing for more intervention.
In a paper published this year by the Washington & Lee Law Review, Peterson argued that municipalities could and should
Peterson's move to the CFPB
"This appointment manifests the Bureau's willingness to appoint senior staff members who have staked out strong positions on the merits of highly contentious issues the Bureau will be facing," attorney Alan Kaplinsky wrote on the Ballard Spahr blog.
