The Second District Court of Appeals of Florida has ruled that MERS has the right to be a party in a foreclosure action.MERS, an electronic registry for tracking ownership of mortgage loans and servicing rights, said the latest ruling in its favor affirms the legal premise behind MERS and verifies established state law. "We undertook this lawsuit not just for MERS but for the industry as a whole," said R.K. Arnold, president and chief executive officer of MERS. "This victory is for the entire mortgage lending community because MERS is no different than a servicer when it comes to foreclosures, and this case was our opportunity to prove it in court."
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