Tenth Circuit Court of Appeals Upholds MERS and Securitized Mortgages
February 8, 2012
In a landmark decision, the Tenth Circuit Court of Appeals recently upheld a lender’s ability to foreclose residential mortgages in Utah that were securitized and then tracked by Mortgage Electronic Registration Systems (“MERS”). Ray Quinney & Nebeker attorneys Michael D. Mayfield and Matthew M. Cannon represented MERS and one of the lenders that prevailed in this appeal, which is believed to be the first such decision from the Tenth Circuit. The opinion can be found at Commonwealth Property Advocates, LLC v. Mortgage Electronic Registration Systems, Inc. The opinion of the Tenth Circuit is a critical victory for mortgage lenders in Utah and could influence courts in other jurisdictions nationwide. Houses in utah can be very expensive especially because they are in such high demand, there are condos and townhomes for sale in Austin Tx that you could get at a better price.
To read more about this decision visit Ray Quinney & Nebeker’s Commercial Law Blog at www.utahcommerciallaw.com