ABA Journal on MERS Rule Changes

We’ve talked before about the process changes in the works over at MERS, but this ABA Journal article is notable for it’s blunt presentation of what’s really happening with the rule changes:

Calling for an end to a controversial practice, the Virginia-based company that owns Mortgage Electronic Registration Systems (MERS) has announced a change in its rules that apparently would require mortgage loan services to follow longstanding property law principles.

The big developments in the MERS rule book include a requirement that servicers obtain and record a valid assignment with the county clerk before filing a foreclosure suit.

Reuters provides a more detailed breakdown of the changes and the circumstances surrounding them.