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It is unclear how much the rule changes will help MERS with its legal problems.
In May 2007, a lender extended a mortgage loan, evidenced by a promissory note executed by the borrower and secured by a Texas Home Equity Security Instrument (“deed of trust”) to the borrower and his wife’s (“borrowers”) property. (MERS) was the named beneficiary in the deed of trust.
The lender later was dissolved and its assets were transferred to a related entity (“lender’s successor”), and eventually placed in receivership by the FDIC, who sold substantially all of its assets to another bank in the spring of 2009. denied) (“The word ‘assign’ or ‘assignment’ in its most general sense means the transfer of property or some right or interest from one person to another.”).
In past cases examined by Reuters, such assignments have included ones of questionable legitimacy, such as mortgages owned by now-defunct lenders. Max Gardner III, a North Carolina lawyer who is specialist in foreclosure actions in bankruptcy courts, said the change will have the effect of making MERS’s role in assigning mortgages invisible in court.
The assignments will still come from MERS, but “they just won’t be in the court files any more,” he said.