MERS and Mortgage Bankers: Too Smart for their own Good

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In order to manage recordation of mortgage-backed securities, the banking industry created MERS, a company acting as the "nominee" for the mortgagee(s)as the security changes hands. However, courts are now refusing to acknowledge the MERS has standing to foreclose on properties in default.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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