FHFA leaving g-fees alone, revising primary mortgage insurance requirements

FHFA leaving g-fees alone, revising primary mortgage insurance requirements

Move will lower fees for riskier borrowers; change is ‘revenue neutral’

Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics

Groups cite Ocwen as leader in preventing mortgage defaults

Court filing reveals name of anonymous whistleblower in Zillow/Move lawsuit

Former Zillow VP of Strategic Partnerships wrote the letter
W S
Servicing / The Ticker

MERS legal authority to foreclose gains traction in Rhode Island

/ Print / Reprints /
| Share More
/ Text Size+

A woman challenging a foreclosure in Rhode Island lost her case after the Rhode Island Supreme Court reaffirmed the Mortgage Electronic Registration Systems’ authority to assign foreclosing rights.

Citing a previous Rhode Island Supreme Court decision, Bucci v. Lehman Bros. Bank, a Rhode Island Superior Court judge held inAkalarian v. RBMG that MERS and the parties it assigns mortgage rights to possess the statutory power to both sell and foreclose on a home.

The Bucci decision from the state’s supreme court established the legal framework for this decision.

The court held in Bucci opinion that "the holder of the legal title to the mortgage—MERS—always has acted as an agent of the owner of the equitable title. In our opinion, this transactional structure is consistent with the law of this state."

In the latest opinion, the Rhode Island Superior Court writes: "While the Bucci decision did not address the specific issue of MERS’ authority to assign a mortgage, it follows from the reasoning in Bucci that MERS—as the lawful and contractually designated mortgagee and nominee for the lender/noteholder—may also lawfully assign its interest in a mortgage. Plaintiff‟s claims to the contrary merit no further discussion."

Comments powered by Disqus