Counties Team Up On MERS With The Potential to Cripple Its Operations

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Counties Team Up On MERS With The Potential to Cripple Its Operations

Counties Team Up On MERS With The Potential to Cripple Its Operations

Eventually this will bring MERS to an end, look at the hundreds of years of country records this machine has messed up…Don’t ever give up fighting.

National Mortgage News-

WE’RE HEARING…MERS is far from done spending time and money defending its right to serve as the official record of who owns mortgages and servicing rights.

Last month, the two largest counties in Minnesota—Hennepin and Ramsey—filed a lawsuit against MERS alleging that the electronic registry was depriving the counties of revenue from recording fees.

MERS has faced many legal battles in the past, most of them coming from borrowers or consumer activists who were challenging the rights of lenders to foreclose on homes that were recorded in the name of MERS. MERS has successfully defended itself against most of those claims. But with an increasing number of counties challenging MERS, the organization faces renewed legal threats that have the potential to cripple its operations.

[NATIONAL MORTGAGE NEWS]

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