Town of Johnston sues MERS, banks over failure to record mortgage transfers
PROVIDENCE, R.I. — The Town of Johnston has filed a lawsuit against a group of banks, mortgage companies and MERSCORP Inc., alleging that their failure to record mortgage transfers with the town violates state law.
The action, filed in U.S. District Court of Rhode Island in June, names MERS, the private electronic mortgage registry created by the banking industry, as a defendant, along with Bank of America, Citibank, Citimortgage, Inc., Deutsche Bank National Trust Co., Goldman Sachs Mortgage Company, GS Mortgage Securities Corp., JP Morgan Chase Bank, N.A., Wells Fargo Bank, and the U.S. Bank National Association.
By bypassing the public land-record system and not paying transfer fees, lenders have been “ripping off the taxpayers,” said Johnston Mayor Joseph Polisena. “It’s an insult.”
SOURCE: http://news.providencejournal.com
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Let’s see…how many suits does this now make for MERS? How many have actually gone to trial? How many have been dismissed? And how many have made settlements? Does anybody out there have any stats on this? Michael?