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MERS and Securitization in Contested Foreclosure Litigation

Location: Strafford Webinar
Date: January 24, 2013
Recorded webinar now available here.

Together with Andy Stutzman (Partner, Stradley Ronon Stevens & Young LLP), John Chiles (Partner, Burr & Forman LLP), Greg Korman (Partner, Katten Muchin & Rosenman LLP) and Joe Patry (Attorney, Blank Rome), Katrina Christakis discusses challenges to MERS and mortgage-backed securities (MBS) note holders in contested mortgage foreclosure and county recorder litigation.

Event Highlights:
Transactions involving Mortgage Electronic Registration Systems (MERS) and Mortgage Backed Securities (MBS) are frequently invoked in an attempt to contest judicial and non-judicial foreclosures. Various claims may also arise due to perceptions about the MERS or MBS business model or structure. The court decisions continue to evolve.

Borrowers often challenge standing in MERS and MBS transactions by arguing noncompliance with UCC Articles 3 and 9 rules governing transfer and enforcement of notes secured by a mortgage. The UCC’s Permanent Editorial Board has sought to clarify application of the rules to assignments of mortgage notes. Another trend in MERS litigation is cases being filed by county recorders of deeds against MERS for making electronic property assignments without paying the recording fees. These cases have been allowed to proceed in several jurisdictions, and recently by a Pennsylvania federal court.

Listen as our authoritative panel of attorneys discusses litigation trends and developments involving MERS and securitization in contested foreclosures, including the impact of UCC articles 3 and 9 on MERS and MBS transactions on holders of the note.

The panel will discuss challenges to MERS and MBS note holders in contested mortgage foreclosure. The panel will outline best practices in defending attacks on MERS, review standing of MBS holders, and offer “show me the note” theories and other litigation trends and developments.

  • How can MBSs effectively overcome challenges to their standing to bring a foreclosure action?
  • How can MERS overcome challenges regarding its ability to hold and assign mortgage liens?
  • What are the most effective defenses to an attack on MERS documentation?
  • What are the most common securitization-based theories of liability against mortgage-backed securities holders and what are effective defenses?
  • What is the impact of UCC Articles 3 and 9 on standing of MBS or MERS noteholders to foreclose on the note?
  • What is the impact of the county recorders cases challenging the electronic transfer of interest in the property to MERS?

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