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FOR IMMEDIATE RELEASE

Jason Lobo
Phone: 703.652.1660
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Reston, Virginia, April 26, 2013— MERSCORP Holdings, Inc. today announced that a five-justice panel of the Idaho Supreme Court unanimously affirmed a lower court decision in favor of Mortgage Electronic Registration Systems,  Inc. (MERS) and three other defendants, dismissing the Plaintiff's complaint of wrongful foreclosure.

In pdf Edwards v. MERS et al. (62 KB) , Justice Daniel T. Eismann, writing for the panel, agreed with the trial judge's ruling, which found that the defendants complied with Idaho's Deed of Trust Act when foreclosing non-judicially and that MERS was the beneficiary of the deed of trust with the authority to appoint the successor trustee who initiated the non-judicial foreclosure proceedings.

Justice Eismann, joined by Chief Justice Roger Burdick and Justices Joel D. Horton, Jim Jones and Warren E. Jones, quoted directly from the subject MERS deed of trust in this case in which MERS is identified as beneficiary "as a nominee for Lender and Lender's successors and assigns" and found that a nominee is a form of an agent and that an agent has authority to act on behalf of its principal. Accordingly, the panel found that MERS as an agent of the original lender, Lehman Brothers Bank, FSB ("Lehman Brothers"), and its successors and assigns "is the representative of the principal and acts for, in the place of, and instead of, the principal."

The Justices also noted that "[d]esignating MERS as the beneficiary in its representative capacity as nominee of Lehman Brothers and its successors and assigns was legally no different from designating Lehman Brothers and its successors and assigns as the beneficiary." Therefore, the panel ruled, "having MERS the named beneficiary as nominee for the lender conforms to the requirements of a deed of trust under Idaho law." As such, MERS possessed the authority under Idaho law to appoint and direct the successor trustee to conduct the non-judicial foreclosure proceeding.

The Court found no errors with any other part of the trial court's decision and affirmed its ruling in its entirety.

"Idaho courts have a long record upholding MERS' role and authority, and this decision, coupled with this same Court's ruling in pdf Trotter v. Bank of New York (67 KB) , resoundingly validates MERS' role as trust deed beneficiary under Idaho law," MERSCORP Holdings' Director for Corporate Communications Jason Lobo said.

For descriptions of cases and other materials pertaining to MERS' business model and role in U.S. housing, please visit www.mersinc.org.

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MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.

Borrowers Lack Standing to Challenge Assignments between MERS and Banks

FOR IMMEDIATE RELEASE
CONTACT: Jason Lobo
Phone: 703.652.1660
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, April 18, 2013— MERSCORP Holdings, Inc. today announced that a three-judge panel of the U.S. Court of Appeals for the Sixth Circuit affirmed a lower court decision in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and three other defendants, dismissing the Plaintiff's attempt to set aside a concluded foreclosure sale by alleging wrongful foreclosure and other claims.

In pdf Conlin v. MERS et al. (50 KB) pdf ,  Circuit Judge Eric L. Clay, writing for the panel, agreed with the trial judge's ruling, which held that "a non-party to an assignment may not challenge the assignment if the assignor [MERS] and assignee [U.S. Bank] do not contest the document and act in accordance with it."

The Plaintiff asserted a right to challenge the assignment, alleging he may be subject to double liability, but the appellate panel rejected that notion. Judge Clay, joined by Judges Boyce F. Martin, Jr. and Gilbert S. Merritt, ruled that the Plaintiff failed to demonstrate fraud or irregularity in connection with the foreclosure – a necessary condition under Michigan law to overcome a valid foreclosure sale after the six-month redemption period expired – and was incapable of showing how they were prejudiced by the Defendants' activities.

"Even were the assignment from MERS to U.S. Bank invalid, thereby creating a defect in the foreclosure process under [Michigan law], Plaintiff has not shown that he was prejudiced," Circuit Court Judge Clay wrote.  "He has not shown [double liability]; he has not shown that he would have been in any better position to keep the property absent the defect; and he has not shown that he has been prejudiced in any other way."

"The Sixth Circuit has made clear in these circumstances that, as non-parties to these contracts, borrowers lack standing to challenge these mortgage assignment transactions," MERSCORP Holdings' Director for Corporate Communications Jason Lobo said.

For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.

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MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.

FOR IMMEDIATE RELEASE
CONTACT: Jason Lobo
Phone: 703.652.1660
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, April 17, 2013— MERSCORP Holdings, Inc. today announced that the Court of Appeals for the State of Georgia has ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and other defendants, by affirming two separate lower court decisions that had rejected allegations of wrongful foreclosure.

In pdf Montgomery v. Bank of America, N.A. (72 KB) , a majority opinion written by Judge William M. Ray II and joined by Presiding Judge Herbert E. Phipps, Presiding Judge Gary Blaylock Andrews, Judge Elizabeth L. Branch, Presiding Judge Sara L. Doyle and Judge Michael P. Boggs found that “…the security deed expressly conveyed title to the interests in the security deed to MERS, gave MERS the right to invoke the power of sale, and authorized MERS to assign its rights and interests in the security deed…” The majority also held that Georgia law does not require that a foreclosing entity must possess the promissory note to foreclose. Judge M. Yvette Miller dissented on procedural grounds.

In pdf Larose v. Bank of America, N.A. (81 KB) , a majority opinion written by Judge Carla Wong McMillian and joined by Presiding Judge Anne Elizabeth Barnes, Judge Elizabeth L. Branch, Presiding Judge Sara L. Doyle, and Judge William M. Ray II, held that “we are bound by the reasoning in this Court’s case of Montgomery v. Bank of America…issued today on this very issue.” Montgomery, the panel wrote, “holds that nothing in Georgia law requires that an assignee of a security deed granting the right to foreclose must also hold the note before initiating foreclosure proceedings.” Judges Christopher J. McFadden and M. Yvette Miller dissented from this decision on procedural grounds.

“We are pleased that the Georgia Court of Appeals has affirmed the judgments of two lower court decisions and thus validating MERS’ role and authority,” MERSCORP’s Director for Corporate Communications Jason Lobo said.

For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.

###

MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.

Superior Court Judge’s Decision Upholds MERS’ Role Post-Bain

FOR IMMEDIATE RELEASE
CONTACT: Jason Lobo
Phone: 703.652.1660
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Reston, Virginia, April 16, 2013— MERSCORP Holdings, Inc. today announced that Washington Superior Court Judge Bruce I. Weiss recently granted MERS’ and its co-defendant member’s motion for summary judgment, denying a plaintiff’s wrongful foreclosure complaint seeking to set aside a completed trustee sale of his property.

In pdf Peeters v. Green Tree Servicing, LLC , Judge Weiss granted the defendants’ motion for summary judgment, dismissing all claims against the defendants, finding the “Plaintiff’s Complaint fails, as a matter of law...”

Among other allegations, the plaintiff claimed the non-judicial foreclosure sale of his property was invalid because MERS was an invalid trust deed beneficiary according to Washington law and the MERS deed of trust was unenforceable because it was “split” from the note.

The defendants countered by citing the Washington Supreme Court’s decision in Bain v. Metro. Mortgage Group Inc. The non-judicial foreclosure was valid, they argued, because Green Tree Servicing, LLC was the note-holder throughout the foreclosure process, thereby making it the proper party to foreclose regardless of the designation of MERS as trust deed beneficiary. The defendants also referred to the portions of the Bain decision where the Supreme Court noted that MERS can be an agent of the note-holder making a “split” of the trust deed and note impossible. They lastly pointed to the Bain Court’s conclusion that all relevant parties are identified in a MERS deed of trust and merely naming MERS in a deed of trust in no way voids the document.

“This Court’s decision and similar recent decisions from Washington federal and state courts affirms the limited holding of the Bain decision as it relates to the enforceability of MERS deeds of trust in the state of Washington post Bain,” MERSCORP Holdings’ Director for Corporate Communications Jason Lobo said.

For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.

###

MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.

  • 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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Click here to proceed.

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