Charlene,

Sometimes the numbers can give provide a different angle from which to view the problem.

According to the US Census Bureau there are approximately 52 million homes with a mortgage. This does not take into account those mortgages which would comprise commercial properties.

US Census Bureau - Housing units with a mortgage

Therefore, if we divide the 52 million real property loans by the working days in a year (220) then we would be dealing with 236,363 mortgage loans per day on average.

Let's assume that 80% of the loans are securitized. That is, they are packaged into transferable  units and provided to investors. Lenders would have to send out an average of 189,090 assignments per day based upon a single transaction or securitization in one year.

If these pools of securitized mortgages move from party to party several times in a year we may be looking upwards of 600,000 assignments needing to be recorded in 3,143 counties and county-equivalents across the United States on a daily bases!! 600,000+ assignments A DAY!

As long as we have a financial system where debt is necessary to introduce money into the economy these debt instruments are going to be with us. And it is also necessary that we provide a sleek and streamlined system for their transfer.

Let's face it! The recording system in most parts of the United States are archaic. They simply have not provided the technological means to move titles with the speed of light!


to post a reply: login - or - register