MERS Throws In the Towel – Prohibits Foreclosures In Its Name to “Strengthen Business Practices”

2/16/2011
Foreclosure Processing and Enhanced Certifying Officer Process

MERS will shortly announce a proposed amendment to Membership Rule 8 requiring Members to not foreclose in MERS’ name.

Additionally, all MERS Certifying Officers must be tested and appointed under our enhanced certifying officer process.

SOURCE: MERS

Full announcement below…

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4closureFraud.org

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MERS Announcement 2011-01

Comments
4 Responses to “MERS Throws In the Towel – Prohibits Foreclosures In Its Name to “Strengthen Business Practices””
  1. Joyce says:

    There are how many mortgages in the name of MERS right now ? 93 million ? So, MERS says it’s members can’t foreclose in their name, but how are the going to take their name off all of those mortgages ? Is there any homeowner who will agree to that ?

    • Bayard says:

      MERS doesn’t need to foreclose in their name. They are only acting as nominee on the Trust Deed so that the intervening assignments won’t have to be publicly filed. However, any foreclosure done pursuant to one of their Trust Deeds will have to be filed by the current Noteholder (MERS is not a noteholder, but only nominee without legal standing) at the time of the foreclosure. In order for the foreclosure to be filed and finalized, the current noteholder must be prepared to produce an original signed Promissory Note and all intervening assignments. Otherwise, they simply can’t go forward with the foreclosure.

  2. Debbie says:

    I completely agree…the problems are not fixed

  3. mike says:

    So what does this mean? Still the assignments and the chain of title has been broken, how can Mers survive, it seems to me that everyone in the banking business, that has a mers in the mortgage is wishing that they did’nt

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