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MERSCORP Holdings Inc., owner of Mortgage Electronic Registrations Systems Inc. (MERS), has agreed to be acquired by Intercontinental Exchange (ICE) in a transaction that also involves a software development agreement to modernize and enhance the MERS System. The financial details of the acquisition were not disclosed.
“This agreement brings the strengths of our organizations together to benefit the U.S. residential mortgage finance market,” said Jeffrey C. Sprecher, ICE chairman and CEO. “It also complements our data and technology expertise in diverse, regulated markets.”
“The investment of capital and resources from ICE will enhance the effectiveness and efficiency of MERS for our more than 5,000 member organizations,” said Kurt Pfotenhauer, chairman of MERSCORP Holdings.
ICE owns and operates 23 regulated financial and commodity markets exchanges, most notably the New York Stock Exchange and the New York Board of Trade. MERS was incorporated in 1995 and launched in 1997, but following the 2008 economic crash it became the subject of multiple foreclosure-related lawsuits that questioned its role in dealing with struggling homeowners.