April 10, 2013
/PRNewswire/ -- MERSCORP Holdings, Inc. today announced that Rhode Island Superior Court Justice
Allen P. Rubine
has rejected another multi-count claim of wrongful foreclosure against Mortgage Electronic Registration Systems, Inc. (MERS) and other member co-defendants.
Van Hoecke v. First Franklin Financial Corporation
issued a ruling that parallels
during the past year. His ruling established that the "facts in this complaint were 'nearly identical' to those in
Payette v. MERS
" and adopted its prior reasoning to apply here.
"It is well-established that MERS and an assignee of MERS…may properly invoke the statutory power of sale as granted to the mortgagee by the plain, unambiguous language of the Mortgage,"
held. "Plaintiff, through her acknowledgment and execution of the Mortgage, explicitly granted to MERS, and to the successors and assigns of MERS, the right to exercise the statutory power of sale and to foreclose on the Property."
's rulings have been quite clear," MERSCORP's Director for Corporate Communications
said. "MERS' authority as mortgagee is valid and legal in
, and challenges to this authority continue to be rejected."
also noted that even if the Plaintiff had proper standing to present a legal challenge to MERS regarding the validity of the mortgage assignment, "it conforms to the statutory form of assignments of a mortgage interest" according to
For descriptions of cases and other materials pertaining to MERS' business model and role in U.S. housing, please visit
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.
SOURCE MERSCORP Holdings, Inc.