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Archive for August, 2012

Apple Wins Big in Patent Case

August 28th, 2012 No comments

Wall St Journal, August 25, 2012 Apple Wins Big In Patent Case.

Among other findings, the jury at the US District Court found that many of the Apple patents were willfully infringed by Samsung. That means that federal Judge Lucy Koh now has the discretion to triple Apple’s damages award, said Brian Love, Santa Clara University School of Law, who has been tracking the case. ” This is a huge, crushing win for Apple,” he said.

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MERS Janis Smith on Washington Supreme Court Opinion

August 17th, 2012 No comments

FOR IMMEDIATE RELEASE

CONTACT:  Jason Lobo

Phone: 703.652.1660

Email: jasonl@mersinc.org

Statement from Janis L. Smith, Vice President for Corporate Communications

MERSCORP Holdings, Inc. on the Washington Supreme Court Decision

 Reston, Virginia, August 16, 2012 – Today’s Washington Supreme Court opinion held that if Mortgage Electronic Registration Systems, Inc. (MERS) is not the promissory note-holder, then it is not considered to be the beneficiary for purposes of non-judicial foreclosures in Washington.  The court does not find that deeds of trust that name MERS as beneficiary are invalid and states that there is nothing in this opinion that prevents the parties from proceeding with judicial foreclosures.  Nor does it prohibit MERS from acting as mortgagee in the land records or a lenders’ use of the MERS® System to track changes in mortgage servicing and ownership of the promissory note.

As we have maintained consistently, MERS is an agent of lenders and their successors and assigns.  In fact, the opinion written by Justice Tom Chambers states: “nothing in this opinion should be construed to suggest an agent cannot represent the holder of a note.  Washington law, and the deed of trust act itself, approves of the use of agents.”  The opinion also states: “MERS notes, correctly, that we have [the Court has] held ‘an agency relationship results from…consent by one person that another shall act on his behalf…’”

MERS ceased commencing foreclosures in its name over a year ago, so this opinion does not impact its current operations.  The opinion will, however, create confusion for Washington homeowners while the trial courts consider its effect on pending cases.  We remain confident that MERS’ role in the U.S. housing finance system is valid and will withstand legal challenges.

For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org

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MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products.  It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions.  Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note.  The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.

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CA Escrow Association Urges ‘All Hands on Deck’ – Please Call Your Assembly Member Today

August 10th, 2012 No comments

Senate Bill 12 Update

According to the California Escrow Association SB 12 has been amended further; regretfully it still confuses and obscures what under current law are predictable bulk sale escrow procedures. With a Vote likely planned for Monday on the Assembly floor CEA is asking members and friends to “call your Assembly Member today, Friday, August 10, in her or his Sacramento office and respectfully request their NO VOTE on Senate Bill 12….” 

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