How current events impact business & real estate

Friday, February 03, 2012

NY Attorney General Sues Banks Over MERS

Following on the heals of the Silverberg decision by the Appellate Division, which basically denied lenders the standing to sue when MERS was utilized to record a mortgage, the NY AG has sued the banks for their use of MERS. If you remember Ed Romaines lawsuit with MERS, this has been a long time coming. The lawsuit alleges deceptive and fradulent practices on homeowners and the Courts as a result of MERS involvement in mortgages. Basically MERS involvement skews the ability of the Courts and Defendants in a foreclosure action to determine if the Plaintiff in the lawsuit actually has the right to sue. To learn more about the lawsuit, click here.

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