A Reno law firm is preparing a class action lawsuit on behalf of Nevada homeowners who face foreclosure by a surrogate company that represents thousands of mortgage owners but doesn't actually own the loans themselves. If they succeed, the fallout could halt foreclosures
The company, known as Mortgage Electronic Registration Systems (MERS), was created by the mortgage industry years to keep track of the ownership of mortgages that are packaged inside of mortgage pools and often subject to in a series of transactions. This based in Reston, Virginia company didn't own the mortgages it registered, but it was listed in public records either as a nominee for the actual owner of the note or as the original mortgage holder. Some 60 million loans are registered in the name of MERS..........
