A Florida Circuit Court judge has ruled that MERS cannot stand as plaintiff in foreclosure cases, prompting MERS to suspend all foreclosure actions in Florida. The Circuit Court Judge ruled that MERS could not sue for foreclosures because it was the Nominee (i.e. the firm into whose name the mortgages were transferred in order to facilitate transactions, while leaving the customer as the actual owner of the mortgage) because MERS did not hold the mortgage notes that were still in the hands of the original lenders. This essentially put MERS into the status of a debt collector, instead of the lender, giving them no legal status to foreclose.
Read more detail here at MSFraud.org.
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