Mortgage Registry MERS Sued by Delaware Attorney GeneralBy David McLaughlin, Margaret Cronin Fisk and Phil Milford
(Updates with Biden comments in 16th paragraph.)
Oct. 27 (Bloomberg) -- Merscorp Inc., the operator of a national mortgage registry used by banks, was sued by Delaware's attorney general for allegedly using deceptive practices that hide information from borrowers.
The MERS database, which tracks ownership interests in mortgages, impeded the ability of homeowners to fight foreclosures and obscures its data, Delaware Attorney General Beau Biden said in a complaint filed today.
'MERS engaged and continues to engage in a range of deceptive trade practices that sow confusion among consumers, investors and other stakeholders in the mortgage finance system, damage the integrity of Delaware's land records, and lead to unlawful foreclosure practices,' Biden said.