From the LVRJ:
The Nevada Supreme Court has sided with banks by validating a key cog
in the foreclosure enforcement machinery that has sparked legal
disputes all over the country.
In a 26-page ruling delivered
Thursday, all seven justices agreed that hundreds of thousands of home
mortgages in the state involving the Mortgage Electronic Registration
System Inc. could be put into foreclosure after technical adjustments.
As
foreclosures mounted in the past five years, consumer groups and
attorneys have targeted MERS as hiding the identity of the actual
lender, making it difficult to work out new mortgage terms, while not
properly holding an interest in a loan.
Incorporated by banks in
1995 and still owned by them, MERS is a database that tracks mortgages
for its members as they pass among different owners, sometimes as part
of securities that bundle hundreds or thousands of loans into one
package.
In doing so, MERS has dispensed with the long-standing
requirement that a lender file papers with a county recorder every time a
loan changes hands. http://www.lvrj.com/news/supreme-court-gives-banks-foreclosure-win-172056761.html
Hundreds of thousands of foreclosed homes on the market? That can't be good, can it?
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