BUSINESS
11/22/2009 05:12 am ET Updated May 25, 2011

Matt Taibbi: "Mortgage Market Was A Giant Criminal Enterprise"

The court ruled that the electronic transfer system used by the private company MERS, a clearing system for mortgages, similar to a depository, that is used for about half the mortgage market is fundamentally unreliable, and any mortgage sold and/or transferred through MERS can't be foreclosed upon, at least not in Kansas.

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