Today it’s all about mortgages

Just passing this along from Realty Times

Washington Report: Mortgage System Changes

Congress got back to business last week after its holiday recess, and big changes to the U.S. home mortgage system were high on the agenda in the House.

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Who Owns My Mortgage?

Mortgages are often sliced and diced and repackaged into mortgage backed securities (MBS’s) that are sold and traded on Wall Street. Many investors subscribe to an automated system called MERS (Mortgage Electronic Registration System) that keeps track of who owns the mortgage and note as it changes hands among investors, as well as who services it for that investor.

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