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Reply #4: "Think of MERS as Dr. Frankensteinís operating table.." [View All]

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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-14-10 10:41 PM
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4. "Think of MERS as Dr. Frankensteinís operating table.."
"The purpose of MERS was to help in the securitization process. Basically, MERS directed defaulting mortgages to the appropriate tranches of mortgage bonds. MERS was essentially the operating table where the digitized mortgage notes were sliced and diced and rearranged so as to create the Mortgage Backed Securities. Think of MERS as Dr. Frankensteinís operating table, where the beast got put together. "

Gonzalo Lira On The Second Leg Down Of America's Death Spiral

Submitted by Tyler Durden on 10/14/2010 10:19 -0500

http://www.zerohedge.com/article/gonzalo-lira-second-le...

Another helpful explanation of the mortgage fraud crisis for us non-finance types.
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  -MERS 101 chill_wind  Nov-14-10 09:37 PM   #0 
  - Groucho Marx wrote this, right?  dixiegrrrrl   Nov-14-10 10:03 PM   #1 
  - :-) Surreal, isn't it?  chill_wind   Nov-14-10 10:29 PM   #3 
  - Kick  EFerrari   Nov-14-10 10:07 PM   #2 
  - "Think of MERS as Dr. Frankensteinís operating table.."  chill_wind   Nov-14-10 10:41 PM   #4 
  - heh  BeFree   Nov-14-10 11:10 PM   #6 
     - Very, very S L I C K..... but  chill_wind   Nov-15-10 01:26 AM   #10 
        - It is deep alright  BeFree   Nov-15-10 03:13 PM   #17 
  - K & R nt  laughingliberal   Nov-14-10 10:55 PM   #5 
  - Rec'd. Ugh n/t  Catherina   Nov-14-10 11:13 PM   #7 
  - K & R n/t  glinda   Nov-14-10 11:17 PM   #8 
  - K & R  HCE SuiGeneris   Nov-15-10 12:23 AM   #9 
  - K&R  me b zola   Nov-15-10 01:38 AM   #11 
  - K & R  Missy Vixen   Nov-15-10 01:47 AM   #12 
  - Yes. There are no employees at MERS. But there ARE shareholders.  chill_wind   Nov-15-10 01:50 AM   #13 
  - We called our bank today due to this post to request a copy of  glinda   Nov-15-10 12:47 PM   #14 
  - Who's on first?  ljm2002   Nov-15-10 02:45 PM   #15 
  - Wow. Wow. Wow.  riderinthestorm   Nov-15-10 02:58 PM   #16 
  - It's fraud. Pervasive fraud.  chill_wind   Nov-15-10 09:55 PM   #18 
  - 'This is the biggest fraud in the history of the capital markets'  chill_wind   Nov-16-10 02:20 PM   #19 
  - This deserves to go into the economy forum.  dixiegrrrrl   Nov-17-10 01:37 PM   #20 
  - kick  Blue_Tires   Nov-17-10 01:51 PM   #21 
 

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