A federal judge has dismissed a proposed class action lawsuit filed by homeowners who cast doubt on the legitimacy of the nation's leading mortgage registration firm to represent lenders in foreclosures. The judge ruled that Mortgage Electronic Registration Systems did not misrepresent itself or hide its role as a nominee for mortgage lenders. The decision is a major victory for the mortgage industry, which relies on MERS to streamline the process of trading mortgage and to keep costs down.
Federal Judge Rejects Homeowners' Lawsuit Against Major Mortgage Registry
Daily Business Review
August 1, 2007