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looks like the dominos are beginning to fall.
http://www.huffingtonpost.com/l-randall-wray/new-yorks-us-bankruptcy-c_b_824167.html
This is a State’s Law issue that could go on for years.
from MERS website
Reston, Virginia, February 28, 2012?MERSCORP Holdings, Inc. today announced that the New Hampshire Superior Court affirmed the role of Mortgage Electronic Registration Systems, Inc. (MERS) as the mortgagee of a mortgage loan, ruling that MERS has the authority to both hold and assign its interest in mortgages under New Hampshire law. In Dow v. Bank of New York Mellon Trust, Presiding Justice N. William Delker found the borrower?s claim to the contrary to be meritless.
Justice Delker wrote in a February 21, 2012, decision that the language of the plaintiff?s mortgage expressly named MERS the mortgagee and gave the company the authority to act as a nominee of the lender, which included assigning its interest in the mortgage to Bank of New York Mellon Trust.
From the outset, the borrower named MERS as the mortgagee and ?nominee for the lender and lender?s successors and assigns,? Justice Delker wrote. ?The plaintiff expressly gave MERS and its assignees the authority to foreclose. Moreover, the mortgage instrument put the plaintiff on notice that both the original lender and MERS could assign their interest without notice to the plaintiff.?
Justice Delker provided further context surrounding his ruling by explaining the role MERS plays in enhancing U.S. housing finance. ?There is a tremendous amount of case law throughout the country on the issues surrounding foreclosure actions when the promissory note is held by one entity and the mortgage is held by another entity ? typically MERS,? he wrote. ?The process of recording each new assignment of the mortgage in the registry of deeds in order to perfect the security interest in the real estate would become exceedingly expensive and cumbersome if each time the promissory note and the mortgage changed hands a new mortgagee would have to be listed in the title record.?
?Rulings across the country are affirming our role in U.S. housing finance and clarifying that MERS? role extends beyond the original lender to its successors,? said MERSCORP Holdings Vice President of Communications Janis L. Smith. ?Indeed, MERS role in streamlining the mortgage process by using e-commerce to replace paperwork adds value to the mortgage process, reduces costs and ultimately helps lower mortgage closing expenses for consumers.?
Some large counties in Texas are lining up to file lawsuits against MERS:
http://www.nationalmortgagenews.com/mt_features/mers-texas-lawsuit-1027164-1.html
and some already have.
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