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MERS Loans In Washington Must Now Be Foreclosed Judicially

Posted in MERS

MERS Loans In Washington Must Now Be Foreclosed Judicially In Bain vs. MERS, August 16, 2012, the Washington Supreme Court states: A plain reading of the statute leads us to conclude that only the actual holder of the promissory note or other instrument evidencing the obligation may be a beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property. Simply put, if MERS does not hold the note, it is not a lawful beneficiary. The apparent effect of this ruling is that in the future all MERS loans will have to be foreclosed judicially. Read the case at: ...

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New York Sues 3 Big Banks Over Mortgage Database

Posted in MERS

February 3, 2012 New York Sues 3 Big Banks Over Mortgage Database By REUTERS Attorney General Eric T. Schneiderman of New York sued three major banks on Friday, accusing them of fraud in their use of an electronic mortgage database that he said resulted in deceptive and illegal practices, including false documents in foreclosure proceedings. Mr. Schneiderman, co-chairman of a new mortgage crisis unit under President Obama, filed a lawsuit against Bank of America, Wells Fargo and JPMorgan Chase in New York State Supreme Court in Brooklyn. The database, called the Mortgage Electronic Registration System or MERS, was created in the mid-1990s for tracking mortgage ownership. It is a collaboration of top mortgage servicers, mortgage insurers and Fannie Mae and Freddie Mac, the government entities that hold many of the country’s mortgages. “The mortgage industry created MERS to allow...

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