Reston, Virginia, – August 19, 2014 – (RealEstateRama) — MERSCORP Holdings, Inc. today announced that the U.S. District Court for the District of Wyoming dismissed without prejudice the plaintiffs’ wrongful foreclosure claims.
In Wobig v. Bank of America, N.A., the plaintiffs filed wrongful foreclosure and quiet title claims based on allegations that the MERS assignment was unauthorized and the product of forgery, as well as other claims.
In her opinion, Chief United States District Judge Nancy D. Freudenthal, addressing the allegation that the MERS assignment is void because at the time of the assignment the original lender, Solstice, was defunct or inactive stated, “Defendant MERS has the ability to assign its interest in the mortgage at any time because it was the mortgagee for the loan since the loan originated.”
“These holdings are consistent with prior rulings throughout the country that have confirmed MERS’ authority to assign a mortgage,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith.
For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.
MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.