ANNOUNCEMENT | MERS Tells Servicers to Stop Foreclosing in Their Name

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MERS Tells Servicers to Stop Foreclosing in Their Name

MERS Tells Servicers to Stop Foreclosing in Their Name

excerpt:

MERS is providing the following guidance to all Members to strengthen business practices, and minimize reputation, legal and compliance risk to MERS and its Members. In recent months legal challenges have arisen regarding alleged inadequacies and improprieties in the foreclosure process including allegations of insufficient or incorrect supporting documentation and challenges to the legal capacity of parties’ right to foreclose. MERS is committed to reevaluate and strengthen its systems and procedures to protect against these types of legal challenges. Consistent with this approach we have enhanced the Corporate Resolution Management System (CRMS) and instituted related policies and procedures designed to strengthen MERS’ business practices and limit compliance risks. To comply with this guidance, MERS Members should implement the following practices, effective immediately.

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2 Responses to “MERS Tells Servicers to Stop Foreclosing in Their Name”

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  1. […] This post was mentioned on Twitter by savetheusa, DinSFLA. DinSFLA said: ANNOUNCEMENT | MERS Tells Servicers to Stop Foreclosing in Their Name http://goo.gl/fb/1H8s0 […]

  2. […] MERS even pursue this… since it issued an announcement on 2/2011 to banks to stop foreclosing in its […]


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