The court concluded that "… we see no reason why MERS, as an agent of the owner of the note, cannot foreclose on behalf of that entity." MERS stopped foreclosing in its name in July 2011. Mortgages are now assigned to a member lender prior to initiating foreclosure proceedings.
"We are pleased that the Rhode Island Supreme Court Justices expended such thoughtful and precise analysis when affirming MERS' role and authority," MERSCORP's Director for Corporate Communications Jason Lobo said. "This decision caps months of strong rulings in MERS' favor in Rhode Island."
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.Jason LoboPhone: 703.652.1660Email: email@example.com SOURCE MERSCORP Holdings, Inc.