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February 15, 2012

Letter: Registries of deeds should share in mortgage settlement

To the editor:

I am writing to congratulate Register of Deeds John O'Brien on his great job exposing the MERS fiasco.

As a member of Peabody's Community Preservation Commission, I would like to point out that every deed not filed at our registry deprives us of $20 that could be used for community preservation projects within the city.

O'Brien deserves a lot of credit for his efforts to expose this.

Money from the suit settled recently by Martha Coakley and her fellow attorneys general should be returned to the registries of deeds and the cities and towns that are enrolled in the CPA.

Ours is the oldest deeds registry in the country and O'Brien's vigilance should be credited.

GMAC has decided to pull out of the Massachusetts market as a result of this suit.

They should if they do not want to obey the law.

But maybe when they were bailed out by taxpayers to the tune of $17 billion, we should have robo-signed that agreement.

Mike Schulze

Peabody

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