Critics say MERS foreclosure halt shows broken business model
The article I have linked to addresses one of my big concerns regarding the foreclosure mess. The MERS scheme created a new paradigm. In Florida, there is no law allowing an interest in a mortgage to be severed from an interest in a note, at least none that I have found. I have made this argument, that the contractual language in a MERS mortgage; (1) is a nullity as a matter of law, or (2) it requires that the two separate chains of title must flow to the same plaintiff, and that such a plaintiff must take both the Note through endorsement and the Mortgage through assignment, simply having one will not work to provide standing because the other must be accounted for as well. By having this dialog in the media, my hope is that we will be able to work toward a solution to this problem. Read this article to learn more.