Bexar County Texas Files Suit Against Mortgage Electronic Registration Systems (MERS) Over Fees on Loans

Bexar files suit over fees on loans

Bexar County has accused Merscorp Inc., Mortgage Electronic Registration Systems Inc. and Bank of America of shortchanging the county by tens of millions of dollars with their mortgage-tracking system.

The county filed suit in federal court Thursday, accusing the companies of violating state law by failing to properly record transactions and to pay county filing fees as mortgage loans were packaged and resold to investors through the secondary market.

The lawsuit seeks unspecified damages and asks for class action status on behalf of Texas’ other 253 counties.

Officials estimate that the county has missed out on as much as $30 million in filing fees on hundreds of thousands of property transactions since the 1990s, when the mortgage industry created MERS as a way to track mortgage loan ownership and servicing.

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Comments
2 Responses to “Bexar County Texas Files Suit Against Mortgage Electronic Registration Systems (MERS) Over Fees on Loans”
  1. Judith McDonald says:

    ME & MERS on July 10,2011 Recorder of Deeds in Wilmington DE. recorded for Bank of America instrument that appears to now belong to Fannie Mae/Alaska Fed Credit Union and this was done by my name & MERS. Of course I had nothing to do with this assignment,I just caught them in the ACT.
    I get a kick out of Twitter & the amount of lawyers follow my case. I am not a lawyer. Seems to me FOUR years after the fact and after OCC.gov (Comptroller of the Currency) cease and desist order in April 2011, Bank of America still operated illegally with MERS.
    Our recorder of Deeds has lost as well as every CITY in America.Delaware take a look at my photo album to see judesworld.mcdonald3@Gmail.com I could use your Help! Thanks all for reading,be well.

  2. talktotennessee says:

    This is an important suit against MERS because it includes the huge San Antonio metro area. The banking industry would have extensive exposure here. Fraudclosure (THANKS) is to be commended for closely following these actions and publishing MERS suits. These types of actions are “breeding” more class actions against the industry and their fraudulent deceptive construct, MERSCORP. It is this groundswell activity that could expose MERS’ shell, destroy credibility, negate their legal standing.
    The benefit is twofold: Municipalities, counties, recover missing real estate transfer fees; plus homeowners could potentially benefit if MERS is discredited, their support or ability to foreclose compromised, forcing better solutions or cooperation with homeowners.
    Once there is a hole or two in the dike, it becomes harder to plug them all and stop the fall.
    MERS needs to be exposed for the fraudulent, deceptive construct it is that circumvents property law and loan ownership disclosure. Transparency and chain of title was always the intent in real estate transactions. MERS destroyed that, hiding their robo-actions, fees, transfers and illegal intent by the banking industry.

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