MERS CEO to leave company

The Wall Street Journal is reporting that RK Arnold, the CEO of Mortgage Electronic Registration Systems for the past 15 years, is resigning from the company in the next few days. The story details the various controversies surrounding MERS after courts and attorneys general across the country (including here in Massachusetts) have questioned the legality of MERS entire business model in which MERS holds title to the mortgage but not to the underlying promissory note, an arrangement that runs contrary to a principal of property law that has remained intact for more than a century.