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Big CA and NY Cases Conflict on MERS Right to Foreclose

Teaser: 

Does MERS have the right to foreclose? Each day brings wider breaks in judicial opinions as to the legal rights and standing to act of the shadowy organization known as MERS.
 

An increasing break in jurisdictions continues over whether MERS, the Mortgage Electronic Registration System, has standing to bring a foreclosure action.  MERS is listed as the recorded owner on more than 50% of all mortgages in the United States.  In litigation, MERS has variously described itself as owner of the mortgage, agent of the mortgagee, and 'nominee' of the mortgagee.  The mortgagee is the entity that owns the mortgage.  Some states have accepted these arguments and others have not.

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