An audit of land records commissioned by the Seattle City Council and leaked to local activists found that many mortgages held within the city are void, which means foreclosures based on them are illegal and unenforceable.
Mortgage debt overhang from the housing bust has meant lack of middle-class spending power, and low consumer demand is preventing the economy from growing. The problem might be fixed by a new approach from the Fed. But if the Fed won’t act, counties will, as seen in the latest developments on eminent domain and litigation over MERS.
The Centers for Disease Control and Prevention announced the first U.S. case of MERS, a deadly virus for which there is no treatment. However, the risk to the public is low, according to the assistant surgeon general.