Skip to main content

Wrongful Foreclosure Accusation Against MERS Dismissed in Rhode Island

NationalMortgageProfessional.com
Apr 15, 2013

MERSCORP Holdings, Inc. announced that Rhode Island Superior Court Justice Allen P. Rubine has rejected another multi-count claim of wrongful foreclosure against Mortgage Electronic Registration Systems, Inc. (MERS) and other member co-defendants. In Van Hoecke v. First Franklin Financial Corporation, Justice Rubine issued a ruling that parallels others he has made during the past year. His ruling established that the "facts in this complaint were 'nearly identical' to those in Payette v. MERS" and adopted its prior reasoning to apply here. "It is well-established that MERS and an assignee of MERS … may properly invoke the statutory power of sale as granted to the mortgagee by the plain, unambiguous language of the Mortgage," Justice Rubine held. "Plaintiff, through her acknowledgment and execution of the Mortgage, explicitly granted to MERS, and to the successors and assigns of MERS, the right to exercise the statutory power of sale and to foreclose on the Property." "Justice Rubine's rulings have been quite clear," MERSCORP's Director for Corporate Communications Jason Lobo said. "MERS' authority as mortgagee is valid and legal in Rhode Island, and challenges to this authority continue to be rejected." Justice Rubine also noted that even if the Plaintiff had proper standing to present a legal challenge to MERS regarding the validity of the mortgage assignment, "it conforms to the statutory form of assignments of a mortgage interest" according to Rhode Island law.
Published
Apr 15, 2013
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021