The appeals court ruling against Mortgage Electronic Registration System (MERS) that caused the GSEs and the Department of Housing and Urban Development (HUD) to reinitiate foreclosures on more than 1,600 Michigan properties was overturned by the state's highest court this week.

The Michigan Supreme Court issued a ruling saying that MERS holds sufficient interest in the borrower's promissory note (debt) to initiate a nonjudicial foreclosure.

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