Ninth Circuit tosses MERS suit, BoA and other banks pleased

E:1 SK MHMSMDaily Buisness Newslaw,_scales_and_gavel_Wikimedia_Commons_posted_manufactured_home_marketing_sales_management_MHMSM.com_MHProNews.com_.pngHousingwire reports that the Ninth Circuit U.S. Court of Appeals upheld a lower court’s decision to dismiss a fraud suit filed as a class action against the Mortgage Electronic Registration System (MERS), Bank of America (BoA) and countless other financial institutions. The original suit filed by three homeowners as a putative class action, accused BoA, which now owns mortgage lender Countrywide, and other financial institutions of using MERS, an electronic mortgage registry, for fraudulent purposes, according to court records. The Ninth Circuit agreed with the lower court dismissal, saying  the “plaintiffs allege that aspects of the MERS system are fraudulent, they cannot establish that they were misinformed about the MERS system, relied on any misinformation in entering into their home loans, or were injured as a result of the misinformation.”  Lawrence Grayson, a spokesperson for BoA, said, “We are pleased by the ruling, which not only resolves the case in favor of the lender and servicer defendants but also correctly addresses some commonly raised misconceptions about MERS.”

(Stock photo credit: WikiMedia Commons)

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