About Another foreclosure proceeding involving MERS was thrown out by a New York appeals court.
In part, the court ruled:
In sum, because MERS was never the lawful holder or assignee of the notes described and identified in the consolidation agreement, the corrected assignment of mortgage is a nullity, and MERS was without authority to assign the power to foreclose to the plaintiff. Consequently, the plaintiff failed to show that it had standing to foreclose.
The ruling does not bode well for MERS, but is clearly not the end, either.
Click here to read the court’s ruling on MERS.