COMPLAINT | PLYMOUTH COUNTY, IOWA v MORTGAGE ELECTRONIC REGISTRATION SYSTEMS – Plymouth County Sues MERS Over Mortgage Recording Practices

Plymouth County sues over mortgage recording practices

LE MARS, Iowa — Plymouth County has filed a class-action lawsuit against a national electronic mortgage registry company it says has enabled banks to avoid paying Iowa mortgage recording fees.

Plymouth County Attorney Darin Raymond filed the suit on behalf of all 99 Iowa counties against MERSCORP Holdings Inc. and Mortgage Electronic Registration Systems Inc., known as MERS, which tracks mortgages sold and traded among banks that subscribe to the company’s service. The suit also names several of the nation’s largest banks and mortgage companies.

In the lawsuit, Raymond said MERS has allowed banks to skirt Iowa’s public information and recording laws by trading mortgages through an electronic registry that lists MERS as the mortgage holder, even though the banks are buying and selling the mortgages.

Iowa law requires a document called an assignment of mortgage to be filed in the county recorder’s office when a mortgage is sold. The MERS system enables banks to avoid that practice and the payment of the accompanying filing fees, the lawsuit said.

Plymouth County is asserting claims of unjust enrichment and civil conspiracy, is seeking an unspecified amount of damages and has asked that the defendants record all past mortgage transactions that were not recorded from Jan. 1, 1998, through the present.

Rest here…

Copy of the complaint below…

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4closureFraud.org

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PLYMOUTH COUNTY, IOWA v MORTGAGE ELECTRONIC REGISTRATION SYSTEMS

Comments
3 Responses to “COMPLAINT | PLYMOUTH COUNTY, IOWA v MORTGAGE ELECTRONIC REGISTRATION SYSTEMS – Plymouth County Sues MERS Over Mortgage Recording Practices”
  1. Pamela Edwards says:

    Evidently Mr. Miller is alot of talk and no action.Bet he took a huge payoff.Just remember folks every man has his price and the banks are more than willing to pay to get thier own way.JMHO.

  2. Tee says:

    Yuppers !!! I think tearing MERS down and forcing the banks to handle their own doings is key to straightening out this mess. These big banks are lower than whale crap and always cowardly hiding behind MERS while they do their dirty work…MERS will eventually fold with all these states suing them or they will be supported by the banks monetarily which is just as good because it hits them where it hurts…..yeah, I am mad.

    I watched a video of superior court MERS case and watched the MERS lawyer argue that there is no reason for the home-owner to know where his mortgage is because the SERVICER will handle any problems with the mortgage hahahahahahahahahahahahahahaaaa!!!!!!!!!!!! That defense probably makes George Soros and Mike Dell laugh out loud !!!! WTG PLYMOUTH COUNTY IOWA !!!!!!!!!!!!!!

  3. Hell NO! No More Bankster Bailouts! says:

    IOWA? Gee, isn’t that turn-coat-of-note AG Tom Miller the IOWA AG? Isn’t he taking care of his own backyard?

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