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The question of whether New York applies may be related to whether the mortgage involved is owned by a REMIC. The securities laws that control REMICS are based on New York law.
If you can identify who actually owns the Note, and it is a REMIC, the REMIC would be hard pressed to refute Grossman's ruling by suggesting that New York law does not apply to assignments in the REMIC's portfolio.
Ray
Commented Feb 16, 2011 on MERS Can’t Transfer Mortgages at Credit Slips
MERS Can’t Transfer Mortgages
MERS, which holds roughly half of all U.S. home loans, has no right to transfer mortgages, according to a Bankruptcy Court in Islip, New York. This could significantly affect the foreclosure process nationwide. MERS, which stands for Mortgage Electronic Registration Systems, tracks more than 60 ...
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