Alison Frankel: After mortgage settlement, MERS left out in the cold

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Alison Frankel: After mortgage settlement, MERS left out in the cold

Alison Frankel: After mortgage settlement, MERS left out in the cold

Not even close to how a family who is evicted in the cold!


Reuters Legal-

One of the last stumbling blocks to the $25 billion nationwide mortgage settlement formally announced Thursday was the suit New York Attorney General Eric Schneiderman filed last week against Bank of America, JPMorgan Chase, Wells Fargo, and the Mortgage Electronic Registration Systems. As my tireless Reuters colleagues Aruna Viswanatha, Karen Freifeld, and Rick Rothacker reported Wednesday night, the five banks in the nationwide deal — three of which are defendants in Schneiderman’s MERS suit — pressured Schneiderman to drop his case, arguing that the national settlement resolves some of the allegations the AG’s suit raises. Schneiderman refused.

Indeed, when the settlement was announced this morning, claims against MERS were explicitly carved out; state attorneys general can go ahead with suits against the mortgage registry. MERS is as exposed as a kid locked out of the house without a coat in a snowstorm.

That’s significant because of a potentially multi-billion-dollar theory posited in MERS suits by the Massachusetts and Delaware AGs, as well as in a class action Bernstein Leibhard filed on behalf of Ohio county governments.

[REUTERS LEGAL]

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One Response to “Alison Frankel: After mortgage settlement, MERS left out in the cold”

  1. Vern says:

    Many of the foreclosure mills contributed to the MERS mess by having their attorneys designated as “Vice Presidents” of MERS and robo-signing tens of thousands of these assignments, then dumping them into the court systems and into county recording records. Should not the AGs also be pursuing these attoneys and their foreclosure mill employers? These lawyers arguably should be held to a higher standard than low level bank and servicer employees. They aided and abetted this fraud and should not get a free pass.

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