Finally! A MERS Lawsuit

Posted on February 3, 2012 by okiegirl

So NY has filed suit against a number of big banks over MERS practices. I don’t know what kind of monetary damages for affected homeowners or how much in penalties might be in the mix. Maybe one of you can enlighten me. See link from PL HH: A.G. Schneiderman Announces Major Lawsuit Against Nation’s Largest Banks.”

The OK SCt recently took the unusual step of taking original jurisdiction of a pair of appeals of summary judgments in foreclosure cases with robosigning issues. In both cases Deutsche Bank was plaintiff and won by summary judgment at trial court. SCt released two unpublished opinions a couple of weeks ago remanding with instructions. As I understand it, they did not rule on the merits of the assignments at issue. But local attorney friends tell me it is notable that they took jurisdiction (as opposed to the typical assignment to a Court of Civil Appeals) and was quite unusual. They say the SCt is sending a message.

And what is going on with the supposedly imminent global states settlement with the banks on robosigning issues? john/banned says some AG’s have until February 6th to join, but beyond that I’m not sure of the status. Anybody have news?

So legal actions on MERS practices seem to be picking up steam. Will these lawsuits only catch the little guys? It seems to me that the big banks were the movers in setting up MERS and they had a duty to see that it functioned properly and legally if they were going to use its services. They did not, so should they now be penalized for that failure? Any thoughts on what is to come regarding MERS?

[Edited to add global settlement question.]

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