Global Debt Registry (GDR) Responds to CBS 60-Minutes Segment on the Failure of Documentation in Mortgage Backed Securities – “A Proven Solution Already Exists.”
Wilmington, DE April 7, 2011 — Global Debt Registry (GDR) has a solution to fix the documentation issues raised in the broadcast of 60 Minutes on CBS, Sunday, April 3, 2011. GDR’s patent pending solution is designed to facilitate both legally rebuilding existing faulty mortgage titles that have been securitized and to properly record all such assignments for past and future transactions. Our solution will give peace of mind to investors, regulators, consumers, and bank participants. Once broadly implemented, GDR’s solution will:
1) inject integrity and transparency into the management and validation process for the recording and multiple assignments of mortgages that occur(red) during the origination and securitization process;
2) flood county governments with recording and assignment fees by managing required filings of all past and present MERS assignments as well as new filings at a time when every county needs new sources of revenue;
3) will solve the banking industry’s problem surrounding proof of ownership on securitized mortgage documents; and
4) be the catalyst to revive the private sector global securitization market providing desperately needed liquidity to the economy.
“Global Debt Registry is uniquely positioned to solve the problem surrounding the inability to identify the owners of mortgages that have been or will be securitized in the future,” said Mark Parsells, Executive Chairman of GDR and former senior banking executive at Citigroup, Bank One and American Express. “The industry wants to do the right thing to protect consumers as well as the assets entrusted to them by shareholders of their respective companies — they just haven’t had a solution that will accomplish both of those goals until now.”
GDR’s solution is clean and simple. The Company provides a central repository in which all mortgage originators can register mortgages that are marked to be securitized. Then, as the mortgage begins its journey through the securitization process, GDR will ensure that each transfer is properly recorded and assigned in the appropriate counties. Each county will be paid the fees that are required by the purchaser. GDR will house the electronic records of each transfer in our highly scalable and secure database. This will ensure that each and every mortgage that is securitized will be transferred properly with the appropriate assignee and showing that each time the mortgage traded hands that it is in the appropriate county records and that all required government service fees have been paid.
In 2006, Global Debt Registry (GDR) began development of a new enterprise platform built to track ownership, ensure traded data validity, and centralize document management for account and portfolio level transactions on consumer debt. Since then, GDR introduced its new platform to the consumer receivables industry and now supports more than sixty debt buying and servicing companies in all fifty states. GDR offers a new standard for tracking debt ownership with superior data recording and documentation management capabilities compared to existing systems.
In January of 2011, the company received a provisional patent from the US Patent and Trademark Office on technologies in its most recent platform Release “GDR 5.1.” GDR is on VISA’s Customer Information Security Program List of Compliant Service Providers. Visa’s Payment Card Industry – Data Security Standards are the banking industry’s highest standards for protecting confidential consumer Personally Identifiable information (PII).
“We’ve delivered a revolutionary data- and document-management platform with unmatched security and scalability—effectively redefining the standards for tracking and managing securitization transactions in the global financial services industry,” said Greg Ousley, CEO of Global Debt Registry. “Our patent-pending technology delivers integrity to the issuing/originating, servicing, and selling of debt/securities, including tracking mortgage ownership, servicing rights, and related key data and documentation.”
The most widely used system for tracking assignments/ownership and servicing rights of mortgages was introduced in 1996 requiring users to participate in little more than an “electronic handshake” with minimal oversight. The huge growth in demand for mortgage-backed securities created time pressures that led to weak and faulty documentation highlighted in the 60-Minutes piece. GDR recognizes that weakness and designed a system with numerous real-time quality assurance points to ensure transactional integrity, transparency, and protections for all parties. While millions of legacy mortgages and their supporting documentation are destined for the courts in the months and years ahead, 100 percent of GDR’s registered mortgages will be managed under the financial industry’s most stringent data security requirements in a process proven to meet the federal rules of evidence, including strict adherence to the Pooling and Service Agreement requirements and verification of legally required filings with county recorders.
GDR offers its services to all those seeking a proven, carefully measured solution to the issues facing the securitization industry today. For more information about Global Debt Registry please visit www.globaldebtregistry.com or contact Denis Concannon, Public Relations at 781.413.0002, firstname.lastname@example.org.
For an on line video of the mortgageownership segment broadcast by 60-Minutes, visit CBS News at 60-Minutes. For additional comment regarding the segment, visit CBS News on line at 60-Minutes Overtime.
For a free white paper by Attorney Daniel J. Langin summarizing the flaws in the securitization process that led to the halting of foreclosure cases throughout the country, please visit White Paper 2 – Securitization. In this second paper in a series, Attorney Langin looks closely at securities litigation in MBS, potential tax and trust law violations, and pending legislation with argument for the creation of a new standard for documenting assignment and authenticating ownership of mortgage accounts in securitizations.
About Global Debt Registry
Global Debt Registry was founded in 1996 and is backed by a $5 Billion private equity fund. GDR’s customizable, patent pending platform provides a comprehensive Data Integrity, Chain of Title, and Turnkey Media Management solution to the Mortgage and Accounts Receivable Industries. Our mission is to deliver significant consumer protections as well as measurable ROI benefits to all of our clients.
About Attorney Daniel J. Langin
Daniel J. Langin is the principle of Langin Law Firm, LLC with more than 22 years of experience in private and corporate practice. Experience includes positions as General Counsel of two technology companies (GeoAccess and INSUREtrust.com), Global IT Law Manager for USF&G and St. Paul Insurance Companies, and several years as a trial lawyer. He has spoken and published on issues of technology and commercial law and policy in the United States, Canada, Europe, and Israel, and has been quoted by CNN, USA Today, CIO, Computerworld, Boardwatch, and the Boston Business Journal. He is a former member of the Aspen Institute’s Internet Policy Project. For more information, see www.langinlaw.com or contact Daniel at (913) 661-2430 or email@example.com.
For additional information regarding content or placement of this release, please contact:
Denis M. Concannon, Public Relations
Global Debt Registry, LLC
3901 South Providence Road, Suite D
Columbia, MO 65203
781 413 0002 office