Does anybody really still believe it was all about the recording fees?! What a joke! It was all about securitization and skirting UETA safe harbor clauses.
Law360, Philadelphia (April 22, 2014, 7:02 PM ET) — A Pennsylvania federal judge on Monday upheld the constitutionality of a statute requiring the registration of deeds, in a ruling that keeps alive a class action brought by Pennsylvania counties alleging that Mortgage Electronic Registration Systems Inc. violated the law.
U.S. District Judge J. Curtis Joyner ruled in favor of the counties’ deed recorders, rejecting MERS’ claims that the state law that obligates it to record all mortgage assignments with county deed offices and to pay the attendant recording fees was too vague.