An update on the ruling that the Mortgage Electronic Registration Systems (MERS) has no right to transfer mortgages, handed down by the Bankruptcy Court for the Easterm District of New York. MERS was developed to expedite the legal recordkeeping of mortgages to aid in the sales of mortgages through securitizations. This adverse ruling could have a serious impact on MERS and lenders that acquire mortgages by assignment through MERS and their ability to foreclose on the underlying real property.