What does MERS do?
The MERS scheme includes a MERS mortgage or deed of trust that names MERS as a beneficiary even though they have no beneficial interest. Based on this fictional naming of MERS as beneficiary, the actual beneficiaries will then sell your loan multiple times without recording the sales as ASSIGNMENTS with the local county recorder as required by statute. The owners of MERS claim the right to avoid recording ASSIGNMENTS between actual beneficiaries because they claim that MERS remains “beneficiary of record” due to being named so on your mortgage.
The MERS scheme also includes the MERS computer which MERS’ public relations describe as “a database designed to track the ownership of mortgages” although that is not what the MERS computer actually does. The MERS computer tracks servicing rights for the benefit of the servicers that own MERS, the most important of these rights being the right to foreclose. The bankers that own MERS use this intentionally deceptive language to disguise the fact that they are servicers, not beneficiaries, and the only rights they are tracking are their own rights of foreclosure.