Three Recent Decisions Cite Established Idaho Law Affirming MERS' Rights
FOR IMMEDIATE RELEASE
Reston, Virginia, October 11, 2012—MERSCORP Holdings, Inc. today announced that the United States District Court for the District of Idaho recently ruled in favor of Mortgage Electronic Registrations Systems, Inc. (MERS) and other Defendants in three (3) different matters. These rulings follow four similar decisions in September 2012.
In each of the rulings below, the Court again rejected Plaintiffs' challenges to MERS' role as trust deed beneficiary and its authority to assign the deed of trust to the foreclosing lender. The Courts also rejected Plaintiffs' claims that MERS caused the promissory note to become "split" from the trust deed or that Defendants must produce a copy of the Plaintiffs' original promissory note to foreclose non-judicially under Idaho law.
"The U.S. District Court for the District of Idaho, no stranger to these cases, has ruled definitively that MERS' role as beneficiary is in accordance with Idaho law," Janis Smith MERSCORP Holdings' vice president for Corporate Communications said. "The judges have been consistently clear that these claims are baseless."
For descriptions of cases and other materials pertaining to MERS' business model and role in U.S. housing, please visit www.mersinc.org.
MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.