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MERS cuts role in foreclosures PDF Print E-mail
Articles | Business
Written by Morphus on Wednesday, 27 July 2011 19:28   



In the last week, state attorneys general in Massachusetts and Delaware have announced investigations of MERS, and several other states have broader inquiries into foreclosure practices that include MERS.


It is unclear how much the rule changes will help MERS with its legal problems.


Under the new rules, servicers are required to stop filing foreclosures in MERS's name, but MERS's role in foreclosures won't actually be eliminated. The servicers will continue to obtain the needed mortgage assignments from MERS. In past cases examined by Reuters, such assignments have included ones of questionable legitimacy, such as mortgages owned by now-defunct lenders.


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