New York Files Lawsuit Against MERS, Top Servicers That Used the System in Foreclosures
February 9, 2012
The New York Attorney General filed a lawsuit last Friday against Mortgage Electronic Registration Systems and three banks that own major stakes in it, another in a long line of legal assaults on MERS and its users. MERS members, including defendant servicers, have brought over 13,000 foreclosures against New York homeowners naming MERS as the plaintiff/foreclosing party, read the lawsuit. However, MERS often lacked standing to foreclose, and representations in court submissions that MERS owned and/or held the promissory note in such proceedings were often false and deceptive. The defendant...