'Foreclosure-gate' Continues at a Fevered Pitch

The Friday before a three-day holiday weekend is supposed to be quiet when it comes to major news, especially with Congress back home, trying to show its worth to voters. But not so this Friday: about an hour ago Bank of America declared a foreclosure 'sale' moratorium in all 50 states and new reports are suggesting that the Mortgage Electronic Registration System (know to most of the mortgage industry as MERS) is right in the thick of this crisis. MERS was created as a way for lenders to electronically track their loans after they were sold into the secondary market. Oh, but it's a bit more complicated then that. National Mortgage News technology editor Austin Kilgore is now looking into the matter, so stay tuned. If you have any leads for him, drop a   line at: Austin.Kilgore@SourceMedia.com. Meanwhile, the new national jobs numbers just came out, and they are anything but pretty. But there could be a silver lining to Foreclosure-gate: given what we've learned over the past two weeks, the nation's servicers should start hiring plenty of foreclosure-related workers to make sure they are processing these defaulted loans correctly. Think of it this way: every new foreclosure hire is potentially a mortgage customer…