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
Read MoreMinnesota 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
Read MoreFlorida 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
Read MoreWashington 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
Read MoreBorden & 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
Read MoreOpposition 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
Read MoreNY 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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