REFinBlog

Editor: David Reiss
Brooklyn Law School

Monthly Archives: December 2012

Kansas Supreme Court Holds that Non-lenders Like MERS Lack Standing to Intervene in Foreclosure Actions

December 6, 2012

by Gloria Liu

In Landmark Nat’l Bank v. Kesler , 216 P. 3d 158 (KS S. Ct., 2009) MERS appealed a lower court decision that held that a non-lender like MERS is not a contingently necessary party in a mortgage foreclosure action. On … Continue reading

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Minnesota Supreme Court Holds that MERS is not Requred to Record Assignment of Mortgage in Order to Commence Foreclosure

by Gloria Liu

In Jackson v. MERS, 770 N.W.2d 487 (MN S. Ct., 2009), mortgagors brought actions against MERS to enjoin the non-judicial mortgage foreclosure sales on grounds that MERS failed to comply with Minnesota’s statutory requirement to record all assignments of the … Continue reading

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Florida Third District Court of Appeals Holds that MERS has Standing to Foreclose because no Rights are Affected

by Gloria Liu

In MERS, Inc. v. Revoredo, 955 So.2d 33 (FL 2d DCA, 2007), MERS brought a foreclosure action against plaintiffs, based on a note of which it was the holder. MERS did not “own” the note even though it was called … Continue reading

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Washington State Supreme Court Holds that MERS is Not a Lawful Beneficiary Under Washington’s Deed of Trust Act and Homeowners May Have a Cause of Action Against MERS Under Washington’s Consumer Protection Act

December 5, 2012

by Michael Liptrot

Sitting en banc, the Washington Supreme Court in Bain v. Metropolitan Mortgage Group, Inc., 285 P.3d 34 (Wash. 2012) answered two of three certified questions from the Federal District Court for the Western District of Washington in favor of two … Continue reading

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Borden & Reiss: “Once a Failed REMIC, Never a REMIC”

by Brad Borden

This article analyses how courts may reach results that undercut arguments that REMICs were the owners of the mortgage notes and mortgages for tax purposes. And even if the majority of states rule in favor of REMICs, the few that … Continue reading

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Opposition to FHFA Increase in Guaranty Fees for States with Lengthy Foreclosures

by David Reiss

Senators from the five affected states have written a letter to the FHFA’s DeMarco.  This debate presents a choice between risk-based pricing on the one hand and what is generally considered a pro-homeowner legal regime on the other. The FHFA’s … Continue reading

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NY AG Sues Credit Suisse over Bad Due Diligence

December 3, 2012

by David Reiss

The complaint is here.  The allegations are similar to those that the NY AG made against JPMorgan.

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