Good decision. Every one who claims an interest in real property must file their instrument in the recorder’s office. Every one can then go there and search the property records to find who owns what. If you buy property, you record your deed. If the electric company has gotten the right to put a power line across your property, it records its easement.
When banks sell a loan, for decades they would file an assignment of the mortgage in the recorder’s office. You could then go to that office and see who owns your loan. But the big banks didn’t want to play by the same rules any longer. So they created MERS and now, as the case noted, it can be maddening to find out who owns your loan and who you are dealing with.
The banks should file their mortgage assignments and play by the same rules as the rest of us.
All well and good when the mortgage is sold and resold whole. Lots of mortgages were chopped up with one MBS holding the piece that gets the principle payments and another MBS holding the piece getting the interest payments
***MBS = mortgage backed security
I’ll bet some mortgages were cut into more than two pieces