Bank of America, MERS Ask Court to Dismiss Texas Counties’ Recording Fee Suit

Bank of America, MERS Ask Court to Dismiss Texas Counties’ Mortgage Suit

Mortgage Electronic Registration Systems Inc. and Bank of America Corp. asked a court to dismiss a lawsuit brought by Texas counties accusing MERS of filing false claims in property records.

The counties allege Merscorp Inc.’s MERS was established by lenders including Bank of America to avoid paying filing fees as well as to ease mortgage transfers. The Texas Legislature approved of MERS’s appearance as a mortgagee in filings in county land records, the defendants said in a filing March 9 in federal court in Dallas.

No false, fraudulent or otherwise wrongful activity occurred by filing security instruments naming MERS as beneficiary or mortgagee,” MERS and the bank said in their motion to dismiss. “There is no duty to record assignments, or other documents, since Texas’s property recording system is permissive not mandatory.”

MERS tracks servicing rights and ownership interests in mortgage loans on its registry, allowing banks to buy and sell loans without recording transfers with counties. Dallas County claimed that this system has cost it as much as $100 million in unpaid fees. The county initially sued in September, alleging that MERS cheated it out of uncollected filing fees.

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Comments
4 Responses to “Bank of America, MERS Ask Court to Dismiss Texas Counties’ Recording Fee Suit”
  1. Texas Judge could start us back up the moral hill & Bank of America & MERS need lots of climbing up hills.Every recorder of Deeds in USA could be effected positive or Negative and if so then watch out.Bank of America is capable of moral transgressions and will use this Judge to get away with millions,once again.
    Politicians are stuck they need money from Bank of America. Get money out of politics.

  2. readdocs says:

    What Texas should do is yank B0As’ certificate to operate as a bank in the state of Texas.
    Shut them down, and then sue them.

  3. Charles Fetters says:

    When the homeowners going stand up to the Judges and the banks and demand their rights.
    Remember MERS is the banks! It’s time the judges start listening to the counties, since their salaries come the same pool of tax dollars. I would hate to think the judges are in bed with the banks.

  4. lvent says:

    No doubt there was a horses head found in the Judges bed before this request was made..

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