MERS

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. http://www.dsnews.com/articles/mers-bows-out-of-foreclosure-and-bankruptcy-proceedings-2011-07-27

The policy change was officially adopted last week and carries an effective date of July 22, 2011

Note

Fannie Mae, Freddie Mac, several large servicers, and a number of foreclosure attorneys representing lenders have stopped foreclosing in the name of MERS already