MERS CEASE AND DESIST FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES!!!
By Daniel Edstrom and Jim Macklin
DTC Systems, Inc. and Secure Document Research
On April 13, 2011 the Department of the Treasury, Comptroller of the Currency, Board of Governers of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision and the Federal Housing Finance Agency have issued a consent order stating that these agencies have identified
“certain deficienies and unsafe or unsound practices by MERS and MERSCORP that present financial, operational, compliance, legal and reputational risks to MERS and MERSCORP that present financial, operational, complaince, legal and reputational risks to MERSCORP and MERS, and to the participating Members.”
OCC No. AA-EC-11-20
Board of Governers Docket Nos. 11-051-B-SC-1, 11-051-B-SC-2
FDIC-11-194b
OTS No. 11-040
FHFA No. EAP-11-01
Read the full 31 page Consent Order here: http://dtc-systems.net/wp-content/uploads/2011/04/MERS_Cease_and_Desist_2011_04_13.pdf