Secret Deals, Foreclosure Settlements, Stress Tests and Vampire Squid Whistleblowers
Beginning in the late 1990s the biggest banks and government-sponsored enterprises created MERS (Mortgage Electronic Registration Systems) to end-run around county recorders so that they would not have to pay fees to properly register sales of mortgages that would be securitized.
About the Author
L. Randall Wray
Director, Center for Full Employment and Price Stability
L. Randall Wray is a Professor of Economics at the University of Missouri-Kansas City, a Senior Research Associate at the Center for Full Employment and Price Stability, as well as a visiting Senior Scholar at the Jerome Levy Economics Institute of Bard College. Professor Wray has focused on monetary theory and policy, macroeconomics, and employment ...