Thank you for the clarification.
So, in your opinion, does this recent court loss for MERS mean?
I try to keep up with all of this, but I am not a lawyer, or even in real estate. Thanks.
It means that in Texas, I think that MERS (and mortgage lenders) will need to re-think the whole “nominee” thing. In other words, bankers might want to go back to handling mortgages the old-fashioned way, where they have to record their deeds of trust at the county clerks’ offices and they have to record all transfers and assignments of mortgages likewise.
It is another chip out of MERS’ ability to exist. If they cannot put MERS on the deed of trust or title to property and subsequently enforce any interest for the bankers who used MERS, then MERS is useless for the purposes of perfecting collateral in the property.
I’m not a lawyer either, but these property law cases are fascinating to read.
In this one, the arrogance of MERS came back to bite them in the buttocks... good and hard.
It's an excellent blend of color and substance that obliterates MERS, Domestic Savings bank, Credit Northeast, Countrywide, BAC, and FNMA.
It's like a "legal IED"...the defendants will fold and settle. This is bigger than Ibanez.
"Further, the relief sought by the Plaintiff has been characterized as "sweeping" and based upon an unconnected series of arguments about MERS that appear to be based upon complaints available on the internet and not on the facts of their loan.
The Defendants' gratuitous comments are well noted but erroneous in all regards. The relief sought by the Plaintiff was set forth clearly in his complaint. The arguments relative to MERS are all well supported and documented by case law, law review articles and other scholarly articles that seem to be published on a daily basis. The fact that the internet is used as a platform from which to download these documents is freely admitted.
For MERS, a company that operates an electronic secret mortgage society, it seems ironic that it would be concerned about the use of the internet to obtain information about its actual nature and purpose."