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Hat tip to JimG for sending this along, from the AP:

JPMorgan Chase’s CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions.

Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages.  JPMorgan Chase & Co. and other banks have suspended some foreclosures following allegations of paperwork problems in thousands of cases.

The Mortgage Electronic Registration System, or MERS, acts as a trading house for millions of mortgages. Lawyers for homeowners say the system lacks the required paper trail to prove mortgage ownership in foreclosure proceedings.

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Bank of America and Fidelity Title came to some “arrangement” in a half-day. 

The solution has to already be in the works – scrap MERS, put a fancy name on the new and improved system, and keep foreclosing.  And dodge the lawyers!

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