Fed adopts new rule limiting 'too big to fail' bailouts

Fed adopts new rule limiting 'too big to fail' bailouts

New emergency lending policy targets 'broad-based' issues, not specific firms

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

Game changer? Quicken Loans takes mortgage lending fully digital

Launches Rocket Mortgage

Two California appellate courts uphold MERS foreclosures

/ Print / Reprints /
| Share More
/ Text Size+
Two California appellate courts upheld foreclosures initiated by the Mortgage Electronic Registration Systems this past week. Merscorp Inc., the parent company of MERS, said the 2nd District Appellate Court in California ruled in Calvo v. HSBC that an absence of an assignment of deed of trust from MERS to HSBC is irrelevant. The court ruled the statute cited by plaintiffs to prove an improper foreclosure applies only to mortgages, not deeds of trust, and other state laws give MERS authority to foreclose. The 4th District Appellate Court in California also rejected a claim in Robinson v. Countrywide that MERS did not have the right to foreclose on property. The judge cited another state victory, Gomes v. Countrywide opinion agreeing "with the Gomes court that the statutory scheme … does not provide for a preemptive suit challenging standing." "MERS' legal standing as mortgagee, or agent of the note holder, gives MERS the authority under California law to take action on behalf of the owner of the note," said Janis Smith, MERS vice president of corporate communications. Write to: Kerri Panchuk.

Recent Articles by Kerri Panchuk

Comments powered by Disqus