Houston-Area Court Delays Vote to Approve MERS Lawsuit

Mortgage & Real Estate

A briefing and vote that would have authorized a county attorney in Texas to sue Merscorp was delayed Tuesday.

The Harris County Commissioners Court was scheduled to meet in a closed-door executive session Tuesday to review a request to authorize County Attorney Vince Ryan to file a lawsuit against Merscorp, its subsidiary Mortgage Electronic Registration System, Inc. “and other responsible parties to recover sums owed to the county for failure to pay filing fees.”

But that briefing was postponed until the court’s upcoming Nov. 12 meeting. While the county attorney’s office has been individually briefing the court’s members, there were additional questions the attorney’s office needed to address before the executive session briefing and an open court vote on the measure could happen, Robert Soard, the office’s chief of staff said.

“There’s no reason to rush the vote,” Soard said. “It’s an important lawsuit and an important case and we want to make sure everyone is comfortable with this project.”

One question, posed by Judge Ed Emmett, was whether Texas Attorney General Greg Abbott intended to pursue claims for all the counties of Texas.

A spokesperson said Abbott’s office hasn’t been contacted by Harris County about MERS and could not immediately say whether it’s an issue Abbott would take up.

Following the filing of a lawsuit by Dallas County, attorneys in Harris County and San Antonio’s Bexar County said they intend to pursue similar claims against MERS.

Texas county commissioners courts serve in a similar capacity as a city council, with a judge elected at-large to head a panel of elected commissioners who represent districts within the jurisdiction. The Harris County Attorney is also an elected official that pursues civil litigation for the region of more than 4 million residents that includes Houston and other smaller municipalities and unincorporated areas.

Daily Briefing | Tuesday, October 25, 2011

  • Ocwen Agrees to Buy Saxon – BC MSRs Will Top $108 Billion

    Ocwen Financial Corp., late Monday disclosed that it will buy Saxon Mortgage for almost $60 million in cash, a deal that will push its subprime servicing-related contracts to almost $110 billion.

  • Ocwen Has Strong 3Q with Earnings of $20 Million

    Ocwen Financial Corp., Atlanta, the nation’s largest servicer of subprime loans, reported net earnings of $20.2 million in the third quarter, compared to a year ago loss of $8.8 million.

  • New HPI Measurement: Home Prices Going Nowhere Fast

    Home prices barely moved in August on a sequential basis, but compared to a year ago values declined 3.8%, according to new figures compiled by Standard Poor’s Corp.

  • California Single-Family Housing Starts Sag

    Housing starts rose 10% in California in September, but all of the gain — and then some — was registered in the multifamily sector.

  • CU MI Firm With Ties to PMI Says It’s Okay

    CUNA Mutual Group assured credit unions Monday that its CMG Mortgage Insurance joint venture remains financially viable and can pay claims despite the financial troubles of its joint venture partner, PMI Group, San Francisco.

  • JCR Will Fund Bridge Loan

    JCR Capital, Denver, will be originating, underwriting and managing a $100 million commercial real estate bridge loan fund for an unnamed institutional investor.

  • Rep. Garrett to Release Plan to Overhaul Secondary Market

    Rep. Scott Garrett, a New Jersey Republican who chairs the House subcommittee with jurisdiction over Fannie Mae and Freddie Mac, plans to unveil a comprehensive bill to reform the secondary mortgage market on Thursday.

  • Will the Obama Refi Program Have Much Impact?

    A revised plan to help underwater borrowers refinance into historically low interest rates is likely to boost competition among mortgage lenders and roughly double the number of people already helped by the government program, according to analysts and industry representatives.

  • More Texas Counties Targeting MERS

    Attorneys for the Texas counties that encompass Houston and San Antonio are making plans to file lawsuits against Merscorp Inc.

Leave a Reply