Just today we learned that Legal Action Against MERS Has Been Dropped in Kentucky, so lets see what develops from this. Keep in mind that this does not rule out other states as there are different laws in each. Also, KY AG has subpoenaed MERS.
MERS et al. are probably going after the states that might appear easy.
Every time a mortgage changes hands in Kentucky, the transaction is to be registered at the county clerk’s office and a fee is to be paid.
On Thursday, Mason County joined with several other counties, including Franklin and Warren counties, across the state in a class action lawsuit against a mortgage registration company which has failed to comply with the law, which is regulated under KRS 382.110(1).
Mortgage Electronic Registration Systems, also known as MERS, is comprised of shareholders of some of the largest mortgage lending institutions in the nation.