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Tag Archives: MERS

Senate Proposal Calls for Winding Down of GSEs

Sen. Bob Corker of Tennessee has introduced a bill aimed at winding down the GSEs and bringing uniform standards to the industry. Coker's proposal would gradually reduce the amount of new mortgage backed securities (MBS) issued by Fannie Mae and Freddie Mac over 10 years. At the end of the 10-year period, the MBS market would be completely private. The bill also mandates sales of the GSEs' technology and other systems to private investors, and calls for a replacement to the MERS registry system.

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Delaware AG Sues MERS

Delaware Attorney General Beau Biden filed suit Thursday against MERSCORP and its subsidiary, Mortgage Electronic Registration Systems (MERS). Biden charges the company with violating Delaware's Deceptive Trade Practices Act. He alleges MERS violated the act in three major ways: by maintaining inaccurate information and withholding information from borrowers; by filing foreclosures without the authority to do so; and by not enforcing its own rules. MERS says there is ""no merit"" to Biden's accusations.

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Supreme Court Declines to Review MERS Challenge

The United States Supreme Court has denied a writ of certiorari in a case involving MERS, refusing to reconsider a California court ruling, which upheld MERS' right to initiate foreclosures. The Supreme Court of the State of California previously refused to review the initial decision, leading San Diego foreclosure attorney Ehud Gersten to elevate his client's case to the U.S. Supreme Court. ""It is disappointing,"" Gersten told DSNews.com, adding that a Supreme Court ruling would have ended state-by-state discrepancies in MERS cases.

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U.S. Fines New York Law Firm $2M for Improper Foreclosures

One of New York's largest-volume foreclosure law firms has signed on to an agreement with the U.S. Department of Justice, requiring the firm to pay $2 million and change its foreclosure practices - a case that market observers say could set a national precedent. The law firm of Steven J. Baum, P.C. has been the subject of a six-month investigation into whether the firm, on behalf of its lender clients, filed misleading pleadings, affidavits, and mortgage assignments related to foreclosure actions in both state and federal courts in New York.

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MERS to Transfer Management of MISMO to MBA

Merscorp, Inc., the parent company of Mortgage Electronic Registration Systems (MERS), has been managing the daily operations of the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO) for the last two-and-a-half years. But effective December 1, 2011, Merscorp will hand that responsibility back to MISMO's parent organization, the Mortgage Bankers Association (MBA).

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Divide Widens Within AG Camp Over Robo-Signing Settlement

A year after evidence of robo-signing related to the processing of home foreclosures surfaced, state attorneys general don't seem to be any closer to a consensus on what should and shouldn't be included in the settlement. In fact, dissension among states' lead counsels is growing. Attorneys general from Kentucky and Minnesota have now joined the faction questioning the thoroughness of the investigation. Of particular concern is liability related to securitizations and the use of MERS.

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MERS Bows Out of Foreclosure and Bankruptcy Proceedings

Mortgage Electronic Registration Systems, Inc. (MERS) is withdrawing from the foreclosure business. MERS has issued a notice to its members stating that no foreclosure proceeding may be initiated and no legal proceedings in a bankruptcy may be filed in the name of MERS. Amid an onslaught of court filings and foreclosure-related investigations, MERS proposed a rule change in March banning its members from using MERS as the foreclosing agent. The policy change has officially been adopted.

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MERS Taps Former Fannie Exec as Chief Risk Officer

MERSCORP, Inc., which operates the Mortgage Electronic Registration Systems (MERS) database, announced Tuesday that Bryan Kanefield has joined the company's executive leadership team in the newly created role of SVP and chief risk officer. Kanefield joins MERSCORP from Fannie Mae, where he was most recently a member of the senior leadership team responsible for building and managing key operational units of the Making Home Affordable program.

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New York Appellate Court Rules Against MERS

A New York appellate court has ruled against Mortgage Electronic Registration Systems, Inc. (MERS), increasing speculation about the role that possible re-foreclosures may play in a still-brittle market. It's the latest in a series of suits involving MERS, which was designed to allow the industry to fluidly and inexpensively transfer millions of mortgages from note-holding banks and institutions via an electronic system. MERS' own proposed rule prohibiting banks from foreclosing in its name - a central part of the controversy - remains in the works.

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California Appeals Court Declares MERS Proper Beneficiary

Ruling in favor of Avelo Mortgage, an appellate court in California declared Mortgage Electronic Registration Systems, Inc. (MERS) a proper beneficiary on the deed of trust. Citing an earlier decision involving Countrywide, Judge David Milton ruled that MERS has the authority under California law to assign a deed of trust, and that borrower agreements make it clear MERS, as nominee of the lender, has the right to exercise any interest on the lender's behalf, including the right to foreclose and sell the property.

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