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Merscorp May Stop Members Foreclosing in Its Name

Merscorp Inc., operator of the electronic-registration system that contains about half of all U.S. home mortgages, will propose a rule change to stop members from foreclosing in its name.

Merscorp, owned by Fannie Mae, Freddie Mac, JPMorgan Chase & Co. and other mortgage-industry companies, will make the proposal “shortly,” according to an announcement dated yesterday. U.S. courts have differed in recent years on whether Merscorp’s MERS unit, as an agent for the mortgage owner, has the right to bring a foreclosure action.