[Occupymendocino] Fwd: Fwd: Register gets standing in PA MERS lawsuit

[Agnes Woolsey]

For a better understanding of the MERS fraud read this.
Agnes


-------- Original Message --------
Subject: 	Fwd: Register gets standing in PA MERS lawsuit
Date: 	Fri, 26 Oct 2012 10:55:24 -0700
From: 	Susan Harman <susanharman1 at gmail.com>
Reply-To: 	foreclosurepreventionzones at googlegroups.com
To: 	california-occupy-homes at googlegroups.com, 
foreclosurepreventionzones at googlegroups.com





Begin forwarded message:

> Montco recorder of deeds can pursue litigation
>
> The federal court has upheld the Montgomery County Recorder of Deeds’ 
> right to sue an electronic mortgage registry company and banks doing 
> business with that company for $15.7 million that she claims is owed 
> to the county in recording fees.
>
> The court Friday issued a 36-page memorandum and order denying a 
> motion by MERS, also known as Mortgage Electronic Registry System, and 
> its participating banks to dismiss the lawsuit filed last year by 
> Recorder of Deeds Nancy J. Becker.
>
> The court’s ruling, while not discussing the merits of the case, 
> essentially states that Pennsylvania does have a law requiring that 
> mortgage assignments be recorded with the recorder of deeds office and 
> that the recorder of deeds has the right to bring legal action when he 
> or she does not believe an entity is complying with the law.
>
> “This is one major hurdle that we have now leaped,” Becker said 
> Monday. “Now, we can move forward on the issues.”
>
> MERS is a for-profit company that has set up a centralized database 
> system of more than 60 million mortgage loans and 3,000-plus lending 
> institution members across the country.
>
> Created by the real estate finance industry in 1995, the company 
> eliminates the need to prepare and record assignments when trading 
> residential and commercial mortgage loans, according to the company’s 
> website.
>
> Prior to the creation of MERS, a lending bank would file an 
> “assignment” with the county land records office when it sold that 
> mortgage loan to another lending institution. Now, when MERS’ members 
> file a mortgage with a county land recording office, it lists MERS as 
> its nominee. When the loan is transferred or sold to another MERS 
> member, it is done electronically through MERS and no additional 
> paperwork or fees are required.
>
> Becker has said that, when these mortgage loans are transferred 
> electronically, sometimes multiple times, through MERS and not filed 
> in the county recorder of deeds office, “it makes it difficult, almost 
> impossible sometimes” for property owners to determine what 
> institutions are holding their mortgages.
>
> Becker also has estimated that Montgomery County alone has lost about 
> $15.7 million in assignment fees because of the MERS assignments.
>
> Some 146,715 MERS mortgages have been recorded in her office from 
> April 2004 through September 2011, according to Becker.
>
> MERS’ representatives repeatedly have denied Becker’s claims that its 
> system undermines accurate land recording while also costing the 
> county millions in assignment fees.
>
> The company said MERS is in compliance with the purpose and intent of 
> state recording laws.
>
>




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