Montgomery County takes mortgage fight to banks files Class Action

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Montgomery County takes mortgage fight to banks files Class Action

Montgomery County takes mortgage fight to banks files Class Action

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Pennsylvania Record-

After winning a June 30, 2014 decision against the company that maintains a national Montgomery County Recorder of Deeds Nancy Becker registry of mortgage transactions, the Montgomery County Record of Deeds has filed a class action suit at the U.S. District Court for the Eastern District of Pennsylvania against the banks who allegedly bought and sold mortgages without paying the real estate recording fees.

In June, U.S. District Judge J. Curtis Joyner allowed Montgomery County Recorder of Deeds Nancy Becker to continue with her class action suit against Merscorps, the multi-billion dollar business that owns and maintains the MERS electronic database, which records mortgage transactions made between investors and trusts. Becker claimed that the database did not record thousands of transactions, denying Montgomery County more than $15 million in fees.

The civil trial has not yet begun, but in the meantime Becker has now gone after the banks that used the MERS system to avoid paying for each transaction of Montgomery County mortgages.

[PENNSYLVANIA RECORD]

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