Hoh hoh hoh….
MERS is providing the following guidance to all Members to strengthen business practices, and minimize reputation, legal and compliance risk to MERS and its Members. In recent months legal challenges have arisen regarding alleged inadequacies and improprieties in the foreclosure process including allegations of insufficient or incorrect supporting documentation and challenges to the legal capacity of parties’ right to foreclose.
Yeah, and MERS has lost a number of those cases too. Let’s not mention that, eh? Like the NY Memorandum decision which cited Landmark in Kansas, a decision that MERS spokesmen have repeatedly tried to brush off?
MERS is planning to shortly announce a proposed amendment to Membership Rule 8. The proposed amendment will require Members to not foreclose in MERS’ name. Consistent with the Membership Rules there will be a 90-day comment period on the proposed Rule. During this period we request that Members do not commence foreclosures in MERS’ name.
Either foreclose in your own name, and come to court with your documents – real ones (if you have them, and I bet in many cases they no longer exist!) or buzz off for the next three months. That ought to have a really interesting impact on the housing market.
MERS Members shall have a MERS Certifying Officer (also known as MERS Signing Officer) execute assignments out of MERS’ name before initiating foreclosure proceedings. Assignments out of MERS’ name should be recorded in the county land records, even if the state law does not require such a recording (see MERS Membership Rule 8).
But, but, but…. I thought that MERS had maintained repeatedly that there was no need to record any such assignments?
What happened MERS?
For all future assignments and the execution of other documents in the name of MERS, Members must use a MERS Certifying Officer who has been appointed under our new certifying officer process, which, after November 1, 2010, uses a new form of corporate resolution.
You mean I can’t be a certifying officer of MERS by simply paying $25 for a stamp any more? Oh darn…..