The trial court granted summary judgment in favor of Aurora, and an appeals court affirmed. The New York Court of Appeals affirmed the summary judgment on the standing issue, holding that Aurora had standing to commence a judicial foreclosure action under New York law because it possessed the original note before it filed the lawsuit.
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· Fifth Circuit Court of Appeals Upholds MERS’ Authority to Assign Mortgages. In Ferguson v. Bank of New York Mellon, the Fifth Circuit ultimately held that MERS was a proper beneficiary of the subject deed of trust and, therefore, had the right to assign the deed of trust.
The issue presented on this appeal is whether a party has standing to commence a foreclosure action when that party’s assignor-in this case, mortgage electronic registration Systems, Inc. (hereinafter MERS)-was listed in the underlying mortgage instruments as a nominee and mortgagee for the purpose of recording, but was never the actual.
the sale. Defendant argues that plaintiff Mortgage electronic registration systems, Inc. (MERS), did not have standing to prosecute this foreclosure action and, thus, the circuit court orders rendered in favor of MERS were void. For the reasons that follow, we affirm the judgment of the circuit court. I. BACKGROUND
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NY appellate court scrutinizes the MERS standing issue From Housing Wire A decision by New York’s 2nd Appellate Division may not have a direct impact on the issue of when Mortgage Electronic Registration Systems has standing in foreclosure cases, but it contains persuasive language that could be a shot across the bow when it comes to jurisdiction relating to MERS.
Merritt v Bartholick, 36 NY 44, 45 ["a transfer of the mortgage without the debt is a nullity, and no interest is acquired by it"]). In addition to these substantive issues, a plethora of policy arguments have surfaced during the pendency of this proceeding.
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Housing Wire reports:. A decision by New York’s 2nd Appellate Division may not have a direct impact on the issue of when Mortgage Electronic Registration Systems has standing in foreclosure cases, but it contains persuasive language that could be a shot across the bow when it comes to jurisdiction relating to MERS.