Multnomah County is suing a huge mortgage multinational and 18 co-defendants, including some of the biggest banks in the nation, for $38 million. The suit focuses on the mortgage-backed securities system that wreaked such havoc in the economy in 2008. The property records system that enabled the rapid, complex transactions involving these bundled mortgages was the Mortgage Electronic Registration Systems, or MERS. The county is arguing that MERS devastated the public property records system while…
County seeking $38 million from MERS, big banks
