GSEs Redoing 1,250 MERS Foreclosures in Michigan

``Servicers for Fannie Mae and Freddie Mac will redo the foreclosure process on 1,250 real estate owned properties in Michigan, the result of an appeals court ruling in April that deemed Mortgage Electronic Registration Systems Inc. ineligible to use the state's nonjudicial foreclosure process... The court's ruling--that MERS did not have the authority to initiate a nonjudicial foreclosure because it is not the owner nor has an interest in the promissory note--could also impact the approximately 12,000 pending MERS-related foreclosures in the state.''