Tag Archives: MERS

The Kansas Court of Appeals ruled in favor of U.S. Bank and rejected an appeal of wrongful foreclosure by a borrower, MERSCORP Holdings, Inc. announced in June.

MERSCORP Holdings, Inc., announced that a U.S. District Court Judge for the District of Hawaii upheld the right of Mortgage Electronic Registration Systems, Inc., (MERS) to assign interests in mortgages.

MERSCORP Holdings, Inc., announced Thursday that a U.S. district judge ruled in favor of MERSCORP and Mortgage Electronic Registration Systems, Inc., (MERS) and dismissed a recording fee filed by the Clerk of the Circuit Court of Duval County, Florida. U.S.

MERSCORP Holdings, Inc., announced Tuesday that a federal judge in Oregon has once again ruled that MERS may serve as beneficiary under Oregon law. In his May 23 Opinion and Order in Hernandez v. BAC Home Loans Servicing, United States District Court Judge Michael Mosman dismissed all counts of the plaintiff's complaint with prejudice, barring the plaintiff from filing another claim.

A Minneapolis-based attorney has been sanctioned by a federal judge for filing one, in what appears to be a series of nearly 30 lawsuits based on what the court says are frivolous show-me-the-note defenses designed to thwart foreclosure proceedings in Minnesota by calling into question the validity of MERS as mortgagee. William B. Butler of Butler Liberty Law, LLC has been ordered to personally pay $50,000 to the court and pay an additional undetermined amount of legal costs incurred by counsel for MERS and its co-defendants.

New York Attorney General Eric Schneiderman has filed a lawsuit against the nation's top three mortgage lenders charging that their use of the electronic registry system MERS has resulted in deceptive and fraudulent foreclosure filings throughout New York's state and federal courts. The lawsuit alleges that employees of Bank of America, JP Morgan Chase, and Wells Fargo, acting as ""MERS certifying officers,"" submitted court documents containing false information. MERS is also named as a defendant.

Aklero Risk Analytics Inc. provides mortgage quality control software and services to the industry via its automated data and document assurance platform. The company recently announced the release of a new DQx module for MERS data and document validation. The module is part of Q-Close, Aklero's loan quality management platform, and provides an automated method to validate the accuracy of data resident in the MERS electronic registry.

Disenchanted with the lack of progress made after a year of negotiations between state attorneys general and the nation's five largest mortgage servicers, Massachusetts Attorney General Martha Coakley has split from the pack and filed her own individual lawsuit. Coakley is suing Bank of America, Wells Fargo, JP Morgan Chase, Citi, and GMAC for what she says were ""illegal foreclosures."" The suit also names Mortgage Electronic Registration System, Inc. (MERS) and its parent company as defendants.

Sen. Bob Corker of Tennessee introduced legislation in early November aiming to wind down Fannie Mae and Freddie Mac over the next 10 years and replace the Mortgage Electronic Registration System (MERS) with a new government-run registry. According to the ratings agency DBRS, Corker's proposal could give the private market for mortgage securitizations a much needed boost, and the creation of a new MERS database could ease investor concerns over the legal battles facing the original system.

The Michigan Supreme Court ruled Wednesday that MERS, as record-holder of the mortgage, does have the right to initiate foreclosures in the state. The decision reverses an April ruling from the Michigan Court of Appeals, which called into question thousands of cases in which MERS was named as the foreclosing party. The appellate court's judgment sent shockwaves through the distressed housing market in Michigan. Now, with the higher court's ruling, sales of homes that had been foreclosed in the name of MERS can proceed.