MERS Knew of Their Own Foreclosure Defects in 2006

February 18, 2011 10:53am by Barry Ritholtz

Evidence shows that as far back as 2006, Mortgage Electronic Registration System (“MERS”) knew the legality regarding foreclosures was at best tenuous. As you can see, the First American Agent Bulletin memo informed agents and lawyers that MERS.

I posted the full memo in the Think Tank, but the short version is:

• MERs admits it is not the Owner & Holder of the Note

• The Note must be in members’ possession to foreclose in MERs name

• Members could not conduct foreclosures in the name of MERS in Florida.

I find it intriguing that for at least 5 years, and probably a whole lot longer, MERS was aware that their legal fiction was starting to unravel . . .

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