Breaking news: Federal Judge rules against MERS in Philadelphia

This is the way it ought to be. Take a look at this Mr. Breetz … And remember you and your committee are creating a legacy.

Justice League

MERS chart

Inquirer.com (sub. req.):

 

Montgomery County could receive nearly $16 million – or more – from a federal ruling against the banking industry’s mortgage registry, and attorneys are now reaching out to other counties nationwide to get in on the action.

U.S. District Judge J. Curtis Joyner in Philadelphia ruled June 30 that Mortgage Electronic Registration Systems and its parent company, Merscorp Inc., collectively known as MERS, violated Pennsylvania law by using its members-only database to circumvent county recorder of deeds offices.

As a result, Joyner ruled, counties lost millions of dollars in fees, the accuracy of public records was compromised, and home loans were sold time and again without the knowledge of homeowners or county recorders.

“Over the past several years, a number of residents who were facing foreclosures didn’t know who owned their mortgage or to whom they should be making their mortgage payments,” Joyner wrote.

If the…

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