MERS was, of course, created by banks for the purpose of juggling mortgages or pieces of mortgages. If MERS had actually bothered to put through timely and proper local paperwork as a follow up to every transaction, I think they would be worthy of much less derision. But local property ownership recording systems aren’t going to take kindly to someone claiming to have invented an alternative system that their records know nothing of. Anyhow, if MERS is locally recorded as owning a piece of real estate, then logically it is theirs, not any bank’s.
Without reading the case filings I cannot be sure but I think you miss the point. From the article the Judge is saying MERS cannot be the ârecordâ holder AND service the debt. Seems like he is saying that the whole concept of MERS is flawed (which we all knew). If that is what he said the house of cards is really going to collapse. It is how ever Reuters.