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MERS Foreclosures
The legality of foreclosures involving MERS assignments has come into question following a ruling by New York Justice Robert E Grossman.
JPMA has been defending families in foreclosure and raising the issue of MERS assignments in hundreds of cases. Here you will find news and updates of court decisions involving MERS.
You also can follow updates at our HOMERS: Help Oust MERS page on Facebook.
Read a MERS Announcement of Feb. 16, 2011, to All MERS Members regarding foreclosure processing.
JPMA has been defending families in foreclosure and raising the issue of MERS assignments in hundreds of cases. Here you will find news and updates of court decisions involving MERS.
You also can follow updates at our HOMERS: Help Oust MERS page on Facebook.
Read a MERS Announcement of Feb. 16, 2011, to All MERS Members regarding foreclosure processing.
Mortgage Electronic Registration Systems, Inc. (MERS) is a privately held company that operates an electronic registry designed to track servicing rights and ownership of mortgage loans in the United States. MERS in turn is owned by a holding company called MERSCORP, Inc.
MERS asserts to be the owner (or the owner's nominee) of the security interest indicated by the mortgages transferred by lenders, investors and their loan servicers in the county land records. MERS maintains that its process eliminates the need to file assignments in the county land records which lowers costs for lenders and consumers by reducing county recording fee expenses resulting from real estate transfers and provides a central source of information and tracking for mortgage loans. MERS' role in facilitating mortgage trading was relatively uncontroversial in its early days a decade ago but continued fallout from the subprime mortgage crisis has put MERS at the center of several legal challenges disputing the company's right to initiate foreclosures. Should these challenges succeed, the US banking industry could face a renewed need for capitalization.
from Wikipedia
MERS asserts to be the owner (or the owner's nominee) of the security interest indicated by the mortgages transferred by lenders, investors and their loan servicers in the county land records. MERS maintains that its process eliminates the need to file assignments in the county land records which lowers costs for lenders and consumers by reducing county recording fee expenses resulting from real estate transfers and provides a central source of information and tracking for mortgage loans. MERS' role in facilitating mortgage trading was relatively uncontroversial in its early days a decade ago but continued fallout from the subprime mortgage crisis has put MERS at the center of several legal challenges disputing the company's right to initiate foreclosures. Should these challenges succeed, the US banking industry could face a renewed need for capitalization.
from Wikipedia
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