The Las Vegas Review-Journal reports that the 26-page unanimous ruling issued by the seven-judge court rejects arguments by consumer advocate groups that MERS does not properly hold an interest in foreclosed home loans. MERS' critics also charged that homeowners could not face an actual lender if industry database was involved in the foreclosure process.
William Uffelman, president of the Nevada Bankers Association, praised the ruling. ‘I think it is good that MERS has been validated,’ he says. ‘The whole thought behind it was bringing loan recording into the 21st century.’
However, Jacob Hafter, an attorney for a homeowner suing MERS, says the court ‘has cleared a path to begin foreclosing in a mass effort.’