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Foreclosure Defense Florida

Thomas v. Flagstar- More Opposition to Taylor v. DeutscheBank, MERS Gets Gutted.

Furthermore, CitiMortgage may not rely on the recorded assignment of the plaintiffs mortgage from MERS to CitiMortgage as evidence that the note was transferred to it. While the assignment purports to assign both the mortgage and the note, MERS, which is a registry system that tracks the beneficial ownership and servicing of mortgages, was never the holder of the note, and therefore lacked the right to assign it. While MERS was the mortgagee of record, it was acting only as nominee for Allied, its successors and assigns. MERS is never the owner of the obligation secured by the mortgage for which it is the mortgagee of record. See, e.g., Landmark Nat. Bank v. Kesler, 289 Kan. 528, 536, 216 P.3d 158, 164 (2009) (providing a profile of MERS).

Thomas+v+Citimortgage,+Flagstar+Bank,+Bankr.+D.+Mass.+Feb.+9.2011

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