“MERS has jeopardized the clear title of every Texas homeowner with a mortgage and has cheated Texas counties out of millions of dollars in property recording fees,”
~ County Attorney Vince Ryan
Bexar to sue over lost fees
Bexar County is poised to challenge a private mortgage-tracking system that officials claim has cost it millions of dollars in filing fees.
The district attorney’s office will ask the Commissioners Court at its Nov. 1 meeting for the go-ahead to hire a law firm to sue Mortgage Electronic Registration Systems Inc., which claims to hold title to some 60 million loans around the country.
“There has been a process developed specifically for the purpose of circumventing the recording procedures and statutes in reference to real property,” District Attorney Susan Reed said. She didn’t immediately know how much the county will seek in financial damage. “I just know it’s going to be high,” she said, adding that it’s millions of dollars.
Dallas County last month sued MERS, claiming the county is owed at least $58 million and possibly more than $100 million from MERS-related mortgage assignments that never were recorded with the county clerk.
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