New York Homeowners Stop Foreclosure and Force Courts To Uphold Foreclosure Laws | PR Carbon: "homeowners in New York were able to use the foreclosure defense, “produce the note” tactic to successfully save their home. A June 7th, 2011 New York appellate ruling has thrown out an attempted foreclosure by the Bank of New York based on the paperwork, or lack there of. The bank had utilized Mortgage Electronic Registration Systems (MERS) to keep track of the loan, but the questionable practices of MERS itself along with their recording of documents and transfers, played a big part in the banks inability to produce the note.
MERS has long been known as a nationwide foreclosure fraud registry that banks and lenders use to track mortgages. This time however, their illegal practices and transfers of documents, has landed them in the heat of the recent foreclosure crisis and court cases."