Minnesota: Ramsey, Hennepin Counties Sue Mortgage Registration Systems (MERS)

MERS Shell Game

Ramsey, Hennepin Counties sue mortgage registration service

ST. PAUL, Minn. – Minnesota’s two largest counties have joined together to file a lawsuit against the Mortgage Electronic Registration Service, Inc. (MERS) on behalf of taxpayers and all other counties in Minnesota, alleging that MERS has likely deprived states and counties of somewhere around $7.2 billion nationally.

Established in 1995 by many of the nation’s largest mortgage lending institutions, the plaintiffs say MERS was formed to create a semi-private system for MERS members to quickly and cheaply assign their mortgages to one another.

Unfortunately, says the office of Ramsey County Attorney John Choi, this came at the expense of the integrity of our public land records and of county taxpayers in lost recording fees.

The Complaint filed Friday in Ramsey County Court seeks to require MERS and its members to follow Minnesota law and properly record each mortgage assignment with the county recorder/registrar of titles and to recover the recording fees MERS and its members deliberately avoided paying by refusing to record these assignments.

Rest here…

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4closureFraud.org

Comments
3 Responses to “Minnesota: Ramsey, Hennepin Counties Sue Mortgage Registration Systems (MERS)”
  1. Finally. What took so long? MERS is behind the rampant repossession fraud that has evicted homeowners who were not only current in their mortgages … but could prove it. A friend of mine across the street lost his house after ~12 years of mortgage payments. Utter BS!

    Wayne County (Detroit), MI could sure use those missing funds. About all that has actually gotten recorded there in a long time are land contracts. Having those funds would help the city to bring the police, fire and sanitation departments back up to snuff. I’m sure the city will be keeping an eye on the progress of this suit … possibly kicking in with a friendly nudge or two.

    • talktotennessee says:

      What happens if a Trust Deed was newver recorded? What course of action does the lender have if the homeowner defaults? Can the lender still foreclose on the homeowner if there is no recorded Deed of Trust? If they can’t foreclose in a non-judicial state what is their alternative? Anyone????

  2. 1ofthemany says:

    gov swapping $$$$$$ guess the counties need their due tho But…so do we

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