Thursday, July 28, 2011


Mortgage Electronic Registration Systems, Inc. (MERS) is withdrawing from the foreclosure business. MERS has issued a notice to its members stating that no foreclosure proceeding may be initiated and no legal proceedings in a bankruptcy may be filed in the name of MERS. Amid an onslaught of court filings and foreclosure-related investigations, MERS proposed a rule change in March banning its members from using MERS as the foreclosing agent. The policy change has officially been adopted.
The policy change was officially adopted last week and carries an effective date of July 22, 2011
Fannie Mae, Freddie Mac, several large servicers, and a number of foreclosure attorneys representing lenders have stopped foreclosing in the name of MERS already