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MERS Madness!! What is the MER’s system? It is the Mortgage Electronic Registration or MERS, system who is listed as the mortgagee for 60 percent of all US mortgages. Simply put it is a electronic clearinghouse created by industry to bypass the property registration system developed in pre colonial days to ensure that the King could not easily rob the subjects. Wall street turned to the MERS system to speed securitizations and now they have used it to speed up foreclosures. Questions is the how honest is the system we have in place, how shoddy is the process of documents could have major ramifications. In addition to outright fraud, numerous state Supreme Courts are looking to point a finger somewhere. Are we looking for a rotten MERS fix in the new Congress? Let’s hope it gives consumer advocates some leverage to demand justice for some Americans being robbed by the new Kings.

Stress Test for Banks Once again the Federal Reserve is planning to stress test the big banks again. Yes, it will be the same 19 banks that underwent the first stress tests in 2009. However, this time around the Fed’s will not release the results. More secrets are all we can guess. How big will the government let these banks get? Banks with toxic mortgages (Bank of America) and who have mortgage-backed securities on their books are and legal exposure to put back law suits are being kept afloat by accounting tricks, TARP and Fed loans. How much more can the American tax payer take?

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When diverse banks must-make the transference of bank then the use of the clearing code becomes. These codes are assigned generally by the central bank or the association of the bankers for having to identify each one of the banks that have been authorized by the country with the aid of this code. These are used by security codes and security. The use of these codes makes easiest and gets the transactions to be easy to identify them. When transference of wire entre diverse then must be done banks the use of the clearing code really simplifying the task. With the aid of these codes the transference monetary is easily done from a bank in a country to the other bank in someone in another country. The rules of the bank code are different for diverse country clubs and vary in time also.

There are no restrictions in the vision of this code in many countries and these can be easily seen with the aid of the internet. Many of these codes are demonstrated in internet but they are demonstrated generally in the local language to the code really which belongs. The clearing code is used for a bank of the payments and the transactions of the other banks. These are used codes so that there is no misunderstanding or confusion with the banks. The banks must-send and receive payments easily and must be able to do it of a way without defects. In diverse country clubs, diverse are codes used. The bank code is also used by some of the retailers in the country clubs and these are used generally refer to the card security code is printed in that the credit cards.

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