Appellate Court rules against MERS foreclosures
Jun 13, 2011
This smells like a Jubilee in the distance. The mortgage companies have been fraudulently signing documents for years. The courts have finally ruled against it, and now the Appellate Court has agreed.
This is the end of the line for them. It looks like 60 percent of home mortgages cannot be foreclosed upon, if the home owners know how to handle the case.
"This Court is mindful of the impact that this decision may have on the mortgage industry in New York, and perhaps the nation," Justice John M. Leventhal wrote for a unanimous panel in Bank of New York v. Silverberg, 17464/08. "Nonetheless, the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed to ensure the reliability of the chain of ownership, to secure the dependable transfer of property, and to assure the enforcement of the rules that govern real property." The opinion noted that MERS is involved in about 60 percent of the mortgages originated in the United States.