Critics call Michigan Supreme Court ruling on foreclosures 'intellectually dishonest'

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Critics call Michigan Supreme Court ruling on foreclosures ‘intellectually dishonest’

Critics call Michigan Supreme Court ruling on foreclosures ‘intellectually dishonest’

I think we all can agree with this post… but those who benefit from real estate.

Where is Bill Hultman these days?

MLive-

A ruling this week by the Michigan Supreme Court put an end to some uncertainty in the real estate market, but it was a disappointment to local housing advocates.

The high court reversed an April state Court of Appeals decision that prevented the Mortgage Electronic Registration System, or MERS, from bringing foreclosures against Michigan homeowners.

The system was widely used by the lending industry to streamline the packaging and selling of mortgages as securities without recording the deeds at county offices. In that role, it also started countless foreclosure proceedings.

The appeals court ruled that MERS did not own legal title to the properties and could not be the foreclosing party. That decision called into question the validity of thousands of foreclosures across the state, wreaking havoc in the housing market. Closings were canceled and homeowners who had purchased foreclosed houses wondered whether they had clear title to the property.

[MLIVE]

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