MERS: Upon breach, a beneficiary is entitled to foreclose and a trustee is entitled to hold their security

Much has been written recently on the subject of mortgage foreclosure under the rubric “show me the note,” which suggests that a consequence of the widespread practice of, first, originating and, second, pooling and reselling mortgage obligations, is that many of these mortgages may have become unenforceable. This claim is based, in part, upon the fact that many notes have been “separated” from the mortgages or deeds of trust that secure them, and, in part, upon the fact that many notes have simply been lost.

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