Curious Puzzle – Follow the Money

Why would counties issue bonds to create Mortgage-backed Securities that trade on the open market for the profit of others?

Why are these mortgages run through the Mortgage Electronic Registration System (MERS) when that system eliminates county fees for mortgage registration?

What will the outcome be for the foreclosure problems this system and its affiliated financial institutions have created?

What will the outcome be for federal taxpayers who have guaranteed payment to the bondholders through GNMA?

Follow the money.

<IMHO> Fred Jacobsen

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