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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 11:41 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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