us bankrup: MERS takes a hit in N.Y. decision In re: Ferrel L. Agard in the Bankruptcy Court in the Eastern District of New York
- 02/13/11 05:51 AM
While this decision does not help Ms. Agard (due to Res judicata) it does seriously call into question the validity of MERS assigning mortgages on behalf of its members/lenders. These are some excerpts from the decision which can be read in its entirety here. "...The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States. However, the Court must resolve the instant matter by applying the laws as they exist … (0 comments)
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Examples of these issues include the current foreclosure crisis and the potential that foreclosures already completed could be overturned due to a variety of legal issues.
While this decision does not help Ms. Agard (due to Res judicata) it does seriously call into question the validity of MERS assigning mortgages on behalf of its members/lenders. 
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