Beshear Announces Major MERS Settlement

  Kentucky's Attorney General says a settlement against mortgage company MERSCORP will bring $2.8 million to the state’s general fund. The state alleges the company violated Kentucky’s Consumer Protection Act by committing misleading or deceptive conduct. Attorney General Andy Beshear asked Legislators to use the funds specifically for affordable housing, legal aid foreclosure work, and to help the budgets of local county clerk’s offices. Beshear said the settlement also includes MERS giving audit and data reconciliation reports to the Attorney General’s office, and conducting reviews of at least 100 Kentucky mortgages a year, over the span of the next 5 years. The failure of which would be met with heavy financial penalties.