March 28, 2016
Fannie Mae (FNMA) admits in its August 30, 2015 Selling Guide, Part B8-7-01, that “Even when MERS is named as the nominee for the beneficiary in the security instrument, it will have no beneficial interest in the mortgage”. Fannie has stood by this position since at least 2007, when it made the same statement in its Selling Guide for 2007, Part IV, page 103, “Naming MERS as Nominee for Beneficiary”.
How then could any foreclosure involving Fannie ever take the position that MERS could act as the beneficiary for purposes of, among other things, executing an Assignment of a Deed of Trust or appointing a Substitute Trustee, which acts may only be undertaken and executed by the true beneficiary?
Jeff Barnes, Esq., www.ForeclosureDefenseNtionwide.com