MERS, U.S. Bank Sued by Illinois Man Over Property Records

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MERS, U.S. Bank Sued by Illinois Man Over Property Records

MERS, U.S. Bank Sued by Illinois Man Over Property Records

Bloomberg-

Mortgage Electronic Registration Systems Inc. and lender U.S. Bank NA were sued by an Illinois man who claims they have contributed to a statewide degradation of real property records.

Charles E. Daniels, a homeowner in suburban Hoffman Estates, filed a complaint today in state court in Chicago, seeking an order that would block banks from using MERS in lieu of publicly recording loan-related documents.

MERS and its co-defendant and corporate parent Merscorp Holdings Inc. operate a privately-managed database through which lenders can convey mortgage interests without having to record a corresponding document with a public recorder’s office, where MERS may be listed as the lender’s “nominee.”

[BLOOMBERG]

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