How cheap are the Banks?

[patb]

http://www.ccrd.info/CCRD/controller;jsessionid=72BE7F3EC5850EE7AE4DA5F96C1C7ED0.CCRDAPPSRV2

i was checking, the Cook County Recorder of deeds
charges $38 to record a deed, and in other jurisdictions
it’s not much more.

Did they create all this MERS BS to avoid the mere
minor fees here?

I realize the back office work to transfer notes
and handle them is a lot more, but still, say
it’s $400 to transfer and record a deed of trust,
these are typically 200K mortgages.

Are the banks so cheap they wanted to avoid 0.25%
fees?

Are their business models that badly busted?

[davelj]

[quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.

[davelj]

[quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.

[davelj]

[quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.

[davelj]

[quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.

[davelj]

[quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.

[jstoesz]

although you are correct about their cheapness.

I think it was more of a convenience issue. When you sell portions of a mortgage in various investment vehicles, how do you transfer a portion of the physical note with each new owner? The banks passed the chain of title to MERS and MERS kept track of who owned what without ever changing the physical note…

At least that is my oversimplified understanding of it.

[jstoesz]

although you are correct about their cheapness.

I think it was more of a convenience issue. When you sell portions of a mortgage in various investment vehicles, how do you transfer a portion of the physical note with each new owner? The banks passed the chain of title to MERS and MERS kept track of who owned what without ever changing the physical note…

At least that is my oversimplified understanding of it.

[jstoesz]

although you are correct about their cheapness.

I think it was more of a convenience issue. When you sell portions of a mortgage in various investment vehicles, how do you transfer a portion of the physical note with each new owner? The banks passed the chain of title to MERS and MERS kept track of who owned what without ever changing the physical note…

At least that is my oversimplified understanding of it.

[jstoesz]

although you are correct about their cheapness.

I think it was more of a convenience issue. When you sell portions of a mortgage in various investment vehicles, how do you transfer a portion of the physical note with each new owner? The banks passed the chain of title to MERS and MERS kept track of who owned what without ever changing the physical note…

At least that is my oversimplified understanding of it.

[jstoesz]

although you are correct about their cheapness.

I think it was more of a convenience issue. When you sell portions of a mortgage in various investment vehicles, how do you transfer a portion of the physical note with each new owner? The banks passed the chain of title to MERS and MERS kept track of who owned what without ever changing the physical note…

At least that is my oversimplified understanding of it.

[patb]

[quote=davelj][quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.[/quote]

well if they delay the foreclosures even 30 days
they just blew all that savings.

[patb]

[quote=davelj][quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.[/quote]

well if they delay the foreclosures even 30 days
they just blew all that savings.

[patb]

[quote=davelj][quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.[/quote]

well if they delay the foreclosures even 30 days
they just blew all that savings.

[patb]

[quote=davelj][quote=patb]
Are the banks so cheap they wanted to avoid 0.25%
fees?

[/quote]

Are you kidding? The big bank CEOs would sell their mothers to “avoid 0.25% fees” on billions of dollars in deeds. On a large scale it all adds up… and then disappears into their custom-tailored pockets.[/quote]

well if they delay the foreclosures even 30 days
they just blew all that savings.

[Author]

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