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View Diary: BREAKING: Bank of America BROKE Deal, Nevada Suing UPDATED (118 comments)

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  •  Actually no, they radically changed it (2+ / 0-)
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    JVolvo, FarWestGirl

    By creating the MERS system, the banks deliberately set out to radically alter the centuries-old system for recording transfers of interests in real estate at the local or county level. The kind of slicing and dicing and reselling they did could not have functioned if they'd stuck to the tried-and-true (and legal) requirements for real wet-ink signatures on real rag-stock documents.

    That's aside from inventing financing options that had never existed before, in order to trick people into paying high fees for lousy deals. And derivatives, and credit default swaps, and all the other newly-invented (and poorly understood) financial instruments.

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