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Plymouth County, Iowa sues MERSCORP, MERS over mortgage recording practices

Plymouth County, Iowa sues MERSCORP, MERS over mortgage recording practices


SJ-

Plymouth County has filed a class-action lawsuit against a national electronic mortgage registry company it says has enabled banks to avoid paying Iowa mortgage recording fees.

Plymouth County Attorney Darin Raymond filed the suit on behalf of all 99 Iowa counties against MERSCORP Holdings Inc. and Mortgage Electronic Registration Systems Inc., known as MERS, which tracks mortgages sold and traded among banks that subscribe to the company’s service. The suit also names several of the nation’s largest banks and mortgage companies.

In the lawsuit, Raymond said MERS has allowed banks to skirt Iowa’s public information and recording laws by trading mortgages through an electronic registry that lists MERS as the mortgage holder, even though the banks are buying and selling the mortgages.

Read more: [SIOUX CITY JOURNAL]

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COMPLAINT | Plymouth County, IOWA vs MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC.,

COMPLAINT | Plymouth County, IOWA vs MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC.,


IN THE IOWA DISTRICT COURT OF PLYMOUTH COUNTY

[ipaper docId=86341686 access_key=key-2j7qgr12u2i7czc9ppwn height=600 width=600 /]

 

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)


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