Suit targets mortgage registry firm

DUVAL COUNTY, Fla. – Nov. 11, 2011 – A Florida court official is taking on the nationwide mortgage registry company created to save banks money when buying and selling homes.

Duval County Clerk of Court Jim Fuller is seeking class-action status in a lawsuit filed Oct. 31 against Mortgage Electronic Registration Systems, or MERS, which he said operates an “unlawful scheme.”

The Virginia-based company was created by the banking industry as a way to streamline and track the transfer and sale of mortgages – a critical element in real estate’s heyday when loans traded hands at a frenetic pace.

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