FOR IMMEDIATE RELEASE
CONTACT: Karmela Lejarde
Reston, Virginia Feb. 25, 2011—The Superior Court of New Hampshire in Cheshire County on February 14, 2011 affirmed the legality of MERS’ role as a nominee for lenders.
In his decision in Powers v. Aurora Loan Services, Judge John P. Arnold ruled in favor of Aurora and upheld MERS’ authority to transfer its interest in the mortgage.
“MERS’ status as nominee allows it to perform its core function of facilitating the tracking of mortgages.” wrote Judge Arnold. “Contrary to Plaintiff’s assertions…the use of MERS as nominee is in and of itself neither fraudulent nor wrong."
Judge Arnold also pointed to the language in the mortgage document that clearly stated that the Plaintiffs had specifically conveyed the mortgage to MERS and its successors and assigns.
“The New Hampshire decision not only validates MERS’ agency relationship with its members, but it also notes the validity of MERS’ role in the lending process,” said MERS spokesperson Karmela Lejarde. “Further, Judge Arnold took the time to cite the many cases in other state courts that also affirm MERS’ agency relationship. We are confident that this court’s decision will further solidify our status as the mortgagee in the mortgage.”
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