The California Court of Appeal has ruled that the Mortgage Electronic Registration Systems, Inc., or MERS, has the power, as nominee beneficiary, to assign its interest under a deed of trust.
Even when carriers agree to defend an insured, policyholders and carriers can still get locked into disputes about who will provide such a defense.
In yet another attack on Mortgage Electronic Registration Systems (MERS), the U.S. Bankruptcy Court for the Southern District of California has refused to allow the assignee of a deed of trust (DOT) to regain possession of a home on which it had foreclosed where the assignment had not been recorded.
The latest case following the mortgage meltdown underscores the need for lenders to be deliberate and clear in both their external and internal communications.
In Junkin v. Golden West Foreclosure Service, Inc. (Jan. 5, 2010) 180 Cal.App.4th 1150, the First District Court of Appeal affirmed the trial court's finding that because the transaction involved was a joint venture, it was exempted from the usury laws.
On October 11, Governor Schwarzenegger signed Senate Bill 94 into law which takes effect immediately.