By Abigail Caplovitz Field | September 2, 2011
MERS, the mortgage industry’s self-serving creation launched without due regard for all 50 states’ laws, faces a big test in Washington state. The Washington Supreme Court will decide whether MERS’s business model of being named beneficiary on deeds of trust (mortgages) is legal. If the Court decides MERS doesn’t work under Washington law, the Court may also address the consequences of MERS’s illegality on foreclosures, and consider whether homeowners have the right to sue MERS.
Last June, but not much noticed at the time, a …
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