Fannie Mae Deponent admits no agency exists between MERS and Fannie Mae

Going back to even 2011 and before, approximately half of the mortgages owned or guaranteed by Fannie Mae were registered in the Mortgage Electronic Registration Systems (MERS). And the loan value on the official books re such loans was and undoubtledly still is over a trillion dollars. In a recent deposition in a case Bill is associated with, a Fannie Mae official essentially admitted under oath that there is no agency relationship between MERS and Fannie Mae. This is a potential bombshell for borrowers, in that it exposes how MERS is used by purported holders of notes and associated mortgages or deeds of trust to bypass recording statutes in that MERS is allowed to do what we have discussed on this show many times: record property interests in states near and far through robosigning and associated sleights of hand. Yet what this depositon admission shows is that the mortgage entities using MERS, such as Fannie Mae, under the pressure of being under oath are subject to disclaiming the existence of a true agency relationship between MERS  and the purported 'lender'. 

See Neil's Blog--and tune into the Show today--for further details.