About If you have been following the MERS involvement in the foreclosure crisis you are well aware of MERS and the robo-signer stories. Courts have been ruling against MERS and the banks. They have dismal record keeping procedures and the courts have ruled in favor of the homeowners.
The situation may have just come to a head in a case involving U.S. Bancorp and another involving Wells Fargo. Neither of these cases involved MERS. The Massachusetts Supreme Court, in a unanimous decision, ruled that neither Wells Fargo nor U.S. Bancorp have standing and consequently have no right to foreclose because they failed to show that they were holders of the mortgages at the time of foreclosure.
Justice Robert Cordy, in a concurring opinion, blasted the “utter carelessness” the banks demonstrated in documenting their right to own the properties.
This ruling is expected to slow down the foreclosures significantly and consequently significantly affect the entire home loan process and market place.
Massachusetts, like Nevada is a non-judicial foreclosure state. If the banks were playing fast and loose in Massachusetts, what is the likelihood that they would have operated differently here in Nevada?
Do we face the prospect of having foreclosures overturned here too?