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An order from the nation’s electronic registration company that halts banks and mortgage servicing companies from foreclosing on homes in MERS name may result in greater transparency for homeowners in foreclosure and could actually be of help to consumers.
” I think it’s a good step in the right direction,” said National Consumer Law Center attorney Geoff Walsh. The order by Mortgage Electronic Registration Systems (MERS) will eliminate the company’s name as the mortgagee, and replace it with the actual holder of the mortgage, providing those who are being foreclosed with the name of the bank or bank servicing company actually conducting the foreclosure.