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IPFS News Link • Housing

Foreclosure-Gate: MERS Caves

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.....

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