Delaware AG Drops Lawsuit Against MERS
The Delaware Attorney General has dropped a deceptive trade practice lawsuit against the Virginia-based Mortgage Electronic Registration Systems.
The settlement with the nationwide electronic mortgage registry was reached after the judge in the case expressed skepticism about the state’s claims against the company’s dismissal arguments during a hearing last May.
The Attorney General’s office had argued that the firm was filled with inaccuracies that raised questions about the rights of homeowners facing foreclosure.
That included who owned the underlying loan.
But the company countered that it only provides information to financial institutions and does not provide any service to homeowners.