Suit Claims MERS Speeds Foreclosures
As the economy continues to suffer from fall-out from subprime mortgage foreclosures, Mortgage Electronic Registration Systems, Inc. (MERS) is accused of skipping legally required steps to remove people from their homes in Minnesota. Today a group of Hennepin County homeowners with subprime mortgages filed a class action lawsuit to stop illegal foreclosures by MERS, a Virginia-based company. The suit alleges that MERS, which handles 40% of the foreclosures in the seven-county metropolitan area, violates Minnesota law by expediting foreclosures without following mandatory procedures. Some