More on the Massachusetts AG’s Suit Against Lenders

As noted last week, the Attorney General of Massachusetts, Martha Coakley, file suit against the five largest home mortgage lenders in the United States and certain of their affiliate corporations, and Mortgage Electronic Registration System, Inc. and its parent, Merscorp, Inc. Massachusetts is the first to break ranks with the Attorney Generals of the 49 other states who were attempting to negotiate a joint settlement over mortgage foreclosure irregularities.

Massachusetts Sues Lenders Over Foreclosure Procedures.

Massachusetts Attorney General Martha Coakley filed suit against five large residential mortgage lenders for abusive mortgage foreclosure practices, ending lengthy negotiations on the subject. The lenders are Bank of America, J P Morgan Chase, Wells Fargo, Citibank and GMAC, together with MERS. MERS is a “nominee” of lenders who becomes the record mortgagee in order to enable the mortgage to be assigned multiple times on the MERS records without the need of recording assignments.

No More Foreclosures by MERS.

No. 664 Mortgage Electronic Recording System (MERS), a private corporation,  announced that it will no longer permit mortgage foreclosures or Bankruptcy claims to be filed in its name.  MERS was established to hold record title to mortgages as “nominee”, enabling them to be assigned privately without the need to file assignments. However, the standing to […]

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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