By Kenita Nichols, WKAR News
http://stream.publicbroadcasting.net/production/mp3/wkar/local-wkar-993893.mp3
MASON, MI –
Ingham County Register of Deeds Curtis Hertel Junior is suing a national mortgage tracking company. His claim against Mortgage Electronic Registration Systems alleges the company has avoided paying state and county transfer taxes.
Mortgage Electronic Registration Systems, or MERS, tracks the servicing rights and ownership of mortgage loans. The company allows banks to buy and sell loans without registering the transfer with county governments. Since 2006, MERS has purchased over 1,200 foreclosed homes in Ingham County. But Hertel says those foreclosures were later found to be illegal. The class action lawsuit claims MERS failed to pay property title transfer taxes to Ingham County. Hertel says that takes away revenue meant for school aid funding and public safety programs. Hertel previously filed suit last June against mortgage giants Fannie Mae and Freddie Mac. That case is still pending in federal court.