R.I. Judge Rejects Claim of Wrongful Foreclosure Against Mortgage Registry

July 29, 2013
Legal Newsline 
mortgage lending news

In Rhode Island, Providence County Superior Court Justice Allen Rubine has rejected a claim of wrongful foreclosure against MERS -- a national mortgage registry. MERSCORP and Mortgage Electronic Registration Systems Inc. were established in 1995 to aid the home-finance market by tracking servicing rights and ownership of U.S. mortgages. Borrower Clara Akalarian had challenged MERS' right to assign a mortgage and claimed that its assignment to IndyMac nullified IndyMac’s subsequent foreclosure. In his ruling, Rubine sided with defendants RBMG Inc., IndyMac Federal Bank FSB, OneWest Bank FSB, Bendett & McHugh PC, and Mortgage Electronic Registration Systems Inc. He wrote that the issue was "conclusively resolved by the recent Rhode Island Supreme Court decision in Bucci v. Lehman Bros. Bank FSB, wherein the Court affirmed MERS’ authority to act as a mortgagee and as nominee of the lender pursuant to a mortgage contract."
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