msnbc.com
updated 2/16/2009 7:17:00 PM ET 2009-02-17T00:17:00

Here is a statement e-mailed from Mortgage Electronic Registration Systems Inc. to msnbc.com in response to requests for an interview and comment on Ray Vargas' bankrupcty proceeding and foreclosure case.

STATEMENT OF R.K. ARNOLD
President & CEO, MERS

We agree that it is essential that MERS prove its legal standing to move for relief or foreclose before any homeowner should be subjected to losing their home.

Numerous state and federal courts have affirmed the right of MERS to be the mortgagee in the public land records and its ability to move for relief from stay and foreclose.  MERS has guidelines for moving for relief and foreclosing that meet the fundamental elements of standing as discussed in this case and by other courts. Regrettably, it appears those guidelines were not followed here. We are continuing to investigate the situation and are taking steps to address it.

MERS was created to keep track of the parties to a mortgage loan. We offer our services free to the public so anyone can always find their mortgage company.

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