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Federal Court Rules Widely-Used Mortgage System Ineffective to Permit Foreclosures

Publisher: Bloomberg Bankruptcy Law Report
March 28, 2011
Day Pitney Co-author(s) Joy Harmon Sperling

An analysis by Joy Sperling and Michael Weiss of a recent decision by the U.S. Bankruptcy Court for the Eastern District of New York, "Federal Court Rules Widely-Used Mortgage System Ineffective to Permit Foreclosures," was published in Bloomberg's Bankruptcy Law Report on March 28. The decision in In re Agard, in which the court ruled that Mortgage Electronic Registration Systems, Inc. (MERS) cannot serve as an agent to assign mortgages, could have a substantial impact on the mortgage industry. MERS was established to provide more efficient transfers of mortgages that would be sold and/or securitized following their origination to lenders, but the court said MERS does not have the authority to conduct these transfers.

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