Seems MERS has issued a memo to all it's members banks saying "STOP Foreclosing in our name"!
Portion of Article:
In short, the memo states:
“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 . . . 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.” (emphasis added)
For some reason I am not able to embed the Scribd document in here right now.
Here is the direct link to the MERS memo sent out.
So my question is - WHO will foreclose? Servicers who use to foreclose can not as they are not the owners and that is why foreclosures were switched be being MERS foreclosures as listed as the owner.
SO...... seems the banks are caught between a rock and a hard place. I will be interested to seeing who will be listed as the foreclosing entities. As I have been seeing pre-foreclosure listings under MERS name.
This is getting very interesting and good - watching the banks scramble around. OH, what will they do now?
