Mortgage Registry MERS Sued by Delaware Attorney General

“The MERS system has raised serious questions about who owns what in America,” Biden said at the press conference.

Biden asked the court to bar MERS from initiating any foreclosure actions in the company’s name, from acting as a nominal mortgage lender when it didn’t have a “beneficial interest” in the property and from recording such mortgages in the company’s name.

Biden also asked the court to stop MERS from assigning or taking any other actions on Delaware mortgages until the company’s system has been “audited and corrected,” according to the complaint. The court should order MERS to correct the chain of title on Delaware mortgages that were recorded in county offices, Biden said.

The case is State of Delaware v. MERSCORP Inc., CA6987, Delaware Chancery Court (Wilmington).

http://www.businessweek.com/news/2011-10-27/mortgage-registry-mers-sued-...