MERS 1, Homeowners 0
In Residential Funding Co., LLC, f/k/a Residential Funding Corp. v Saurman, the Michigan Court of Appeals held that Mortgage Electronic Registration Systems Inc. (“MERS”) could not pursue foreclosures under Michigan’s foreclosure by advertisement statute and that certain foreclosures already obtained were invalid. MERS was created by the lending industry to make it easier to sell home loans to investors. (more…)