In 2009, the president of the Mortgage Electronic Registration Systems reportedly testified that the mortgage industry would save $2.4 billion in recording fees if each residential loan had been resold and recorded just once. But all of that savings will be wiped out if counties across the nation have their way. A wave of lawsuits filed by states and counties throughout the country allege that the MERS system undermines the power of land recorders and puts the property rights system at risk. The first such lawsuit in Illinois was filed this week by St. Clair County against more than a dozen lenders.
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