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FOR IMMEDIATE RELEASE

CONTACTS:
Janis L. Smith
Phone: 703-738-0230
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Karmela Lejarde
Phone: 703-761-1274
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Reston, Virginia, December 1, 2011—"The complaint filed today, as to the limited allegations that relate to MERS hangs on broad and ambiguous language from a statute that’s over 100 years old. We believe it has no applicability to MERS’ business model or its conduct of business in Massachusetts, which has been repeatedly validated by courts in the state. We are confident that the MERS® System complies with Massachusetts laws. The company has not engaged in or facilitated any violation of the Commonwealth’s statutes, including its consumer protection provisions,” said Janis Smith, MERSCORP’s vice president for corporate communications. “In fact, in the last two years the Massachusetts Land Court has acknowledged the MERS System and approved of precisely the type of conduct relating to registered land that the complaint now challenges.”

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Judge says “MERS works rather well as a land registration system”

FOR IMMEDIATE RELEASE

CONTACTS:
Janis L. Smith
Phone: 703-738-0230
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Karmela Lejarde
Phone: 703-761-1274
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, VA, Nov. 29, 2011— In a ruling this week in pdf Culhane v. Aurora Loan Services of Nebraska (115 KB) , the United States District Court for the District of Massachusetts granted the defendant’s motion for summary judgment, finding that Aurora, as holder of the plaintiff’s mortgage by assignment from Mortgage Electronic Registration Systems, Inc. (MERS), and as the servicer of the loan, could exercise the statutory power of sale and foreclose under Massachusetts laws. MERS was not a party to the litigation but did submit a brief to the Court.

In his written opinion, U.S. District Court Judge William G. Young held MERS may serve as the mortgagee as the lender’s nominee, MERS has the authority and right, and may assign mortgages in which it is named as the mortgagee, and such mortgages are valid and enforceable. Indeed, the Court concluded that “The Court holds that there was no flaw in this process. Under Massachusetts law, MERS lawfully held the legal title to Culhane’s mortgage in trust first for Preferred and subsequently for Deutsche.” Judge Young wrote that “even after the most careful scrutiny, it appears that MERS works rather well as a land registration system.”

“Judge Young thoroughly and carefully scrutinized the MERS System and concluded that it comports with Massachusetts law as other rulings in Massachusetts have done before,” said Janis Smith, MERSCORP’s vice president for corporate communications. “The bottom line in this case is clear: MERS complies with the letter of the law, MERS held legal title to the mortgage, and, its assignment to the servicer was valid.”

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Ruling clarifies the company’s authority under Texas Property Code

FOR IMMEDIATE RELEASE

CONTACTS:
Janis L. Smith
Phone: 703-738-0230
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Karmela Lejarde
Phone: 703-761-1274
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, VA, Nov. 22, 2011— The U.S. District Court for the Eastern District of Texas in pdf Malikyar v. BAC Home Loans (341 KB)  found in favor of the defendants and affirmed Mortgage Electronic Registration Systems, Inc.’s (MERS) role as mortgagee and its ability to assign its interest under a deed of trust.

“As a mortgagee, MERS could authorize BAC to service the loan and foreclose, regardless of whether MERS was the true owner of the Note,” wrote Magistrate Judge Amos Mazzant in his Oct. 28 report and recommendation. According to Judge Mazzant, because MERS had the power of sale under the deed of trust, BAC received that power by assignment from MERS. The judge also confirmed that MERS fits the definition of mortgagee under the Texas Property Code and that the plaintiff’s deed of trust identified MERS as the beneficiary and nominee of the original lender and its successors and assigns. He also found no merit in the argument that the note and deed of trust were split by MERS’ involvement with the plaintiff’s mortgage loan.

On Nov. 18, U.S. District Judge Michael Schneider adopted Judge Mazzant’s findings and dismissed the case with prejudice.

“The district court’s ruling clarifies that MERS’ business model is compliant with the Texas Property Code,” said Janis Smith, MERSCORP’s Vice President of Corporate Communications. “The decision also acknowledges that borrowers are aware of, and agree to language at closing that gives MERS the authority to act on behalf of the lender and its successors and assigns, as have numerous other cases in Texas and around the country.”

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Justices found that MERS, as mortgagee, owned a security lien on the properties

FOR IMMEDIATE RELEASE

CONTACTS:

Janis L. Smith
Phone: 703-738-0230
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Karmela Lejarde
Phone: 703-761-1274
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, VA, Nov. 16, 2011— In a decision handed down today, the Michigan Supreme Court reversed the Michigan Court of Appeals’ April ruling in Residential Funding Corporation v. Saurman/Bank of New York v. Messner.

“The Supreme Court’s decision affirms MERS' business model and will allow the Michigan real estate industry to get back to business as usual. This will allow homeowners to resolve title issues and buyers to move forward with the purchase of foreclosed properties, which is good for neighborhood stability,” said Bill Beckmann, MERSCORP’s President and Chief Executive Officer. “The Saurman ruling caused considerable confusion, delayed property transactions, and triggered unnecessary litigation.”

In the pdf Supreme Court’s order (40 KB) , Chief Justice Robert Young, Jr., and Justices Stephen Markman, Mary Beth Kelly and Brian Zahra, wrote that “as record-holder of the mortgage, MERS owned a security lien on the properties, the continued existence of which was contingent upon the satisfaction of the indebtedness…[and] this interest in the indebtedness authorized MERS to foreclose by advertisement.” They further added, “[T]he Court of Appeals’ conclusion to the contrary is inconsistent with established legal principles governing Michigan’s real property law, and specifically foreclosure by advertisement.”

The justices also found that the Court of Appeals’ decision erroneously construed MCL 600.3204(1)(d), and said that “the Michigan Legislature’s use of the phrase “interest in the indebtedness” to denote a category of parties entitled to foreclose by advertisement indicates the intent to include mortgagees of record among the parties entitled to foreclose by advertisement, along with parties who “own[] the indebtedness” and parties who act as “the servicing agent of the mortgage.” MCL 600.3204(1)(d).

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  • About Us

    About Us

    Today’s financial services industry depends on technological innovations to provide its customers with access to information, increased efficiency and reduced processing costs. MERSCORP Holdings, Inc. owns and operates the MERS® System, a national electronic registry system that tracks the changes in servicing rights and beneficial ownership interests in mortgage loans that are registered on the System.

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  • MERS® eRegistry

    MERS® eRegistry

    The MERS® eRegistry is essential to the eMortgage world. It is the legal system of record for identifying the Controller (holder) and Location (custodian) for the authoritative copy of a registered eNote. Lenders today are closing eNotes and selling them into the secondary market. Both Freddie Mac and Fannie Mae require that Lenders register their eNotes on the MERS® eRegistry.

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  • Information for Homeowners

    Information for Homeowners

    Homeowners today want information about their mortgage loans. Some are facing financial hardship and are struggling with mortgage payments. Information and helpful resources are available. 

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  • Neighborhood Benefits

    Neighborhood Benefits

    Title agents, government agencies and others looking for information about mortgage loans registered on the MERS® System can use Servicer ID or MERS® Link. This public access is often used by local municipalities to identify the servicer responsible for maintaining vacant or abandoned property.

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  • Media Room

    Media Room

    The MERSCORP Holdings, Inc. Media Room provides press contact information and facts about the company and its subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS). These materials are provided to help national, regional and local media better understand the companies' business model and role in the U.S. housing finance system.

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