Aggressive Lobbying Defends Mortgage-trading System
”Fixing MERS on a federal level to give them a free pass from complying with what we have known as the law for many years because the banks screwed up is really a bad precedent.”
Palm Coast, FL – November 21, 2010
By: Ariana Eunjung Cha and Brady Dennis – Washington Post Staff Writers
The financial services industry has launched an aggressive campaign on Capitol Hill to bolster the legality of the way companies have turned mortgages into securities and traded them across the globe in recent years.
"Fixing MERS on a federal level to give them a free pass from complying with what we have known as the law for many years because the banks screwed up is really a bad precedent," said Ira Rheingold, executive director of the National Association of Consumer Advocates.
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