MERS Tells Banks To Stop Foreclosing in Their Names

Posted on February 21, 2011


Recent court rulings to the effect that MERS does not have the power to assign or transfer mortgages is having its effect. MERS has just told its members to stop using it’s name in foreclosure filings. Would that be because it never had a law passed giving MERS the authority to foreclose on mortgages, as was cited in a recent court ruling?

The problem is MERS is being sued to death. They think that getting their name off of foreclosure documents will save them from being buried in litigation costs. They are wrong. MERS is on the deed of trust, so every attorney reviewing the documents will know to include MERS as a defendant.

See article here.