The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note,
The can also do it if they have POA over that mortgage.
Now of they had ruled based on:
The defendants further assert that the mortgages and notes were bifurcated, rendering the mortgages unenforceable and foreclosure impossible, and that because of such bifurcation, MERS never had an assignable interest in the notes.
would be a different issue. This would address securitization.. could not foreclose if mortgages were part of a securitized package.
Now here is the interesting part:
The defendants also contend [*3]that the Supreme Court erred in considering the corrected assignment of mortgage because it was not authenticated by someone with personal knowledge of how and when it was created, and was improperly submitted in opposition to the motion.
Which Supreme Court? A lower court, even if it is an Appeals Court usually doesn’t have standing to overrule a Supreme Court.
