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Lawsuit alleges MERS (Mortgage Electronic Registration Systems)potentially owes California $60-120 billion in unpaid land-recording fees http://theintelhub.com/wp-content/uploads/2010/10/2010-10-13_1510.png Former hedge fund manager Shah Gilani notes: In creating MERS (Mortgage Electronic Registration Systems), buy no rx vanadyl these institutions actually changed the land-title system that this country - for much of its history - has relied upon to determine legal ownership status of land titleholders. Not only did the lenders sidestep (read that to mean avoid) paying billions of dollars in fees to local governments, buy no rx vanadyl they paid themselves from the fees that MERS collected. MERS is facing class-action lawsuits and civil racketeering suits around the country and their members are being individually named in all these suits. Buy no rx vanadyl One suit alleges that MERS owes California a potential $60 billion to $120 billion in unpaid land-recording fees. If suits against MERS and all its members are successful, buy no rx vanadyl unpaid recording fees and fines (that can be as much as $10, buy no rx vanadyl000 per incident) would make every one of them insolvent. MERS is a shell company, buy no rx vanadyl with no employees. Buy no rx vanadyl However, buy no rx vanadyl its parent does have employees. As Bloomberg notes: MERS Inc., buy no rx vanadyl which holds the liens, buy no rx vanadyl has no employees, buy no rx vanadyl and MERSCORP, buy no rx vanadyl the parent, buy no rx vanadyl has only about 50, buy no rx vanadyl [the MERS spokeswoman said]. Plaintiffs' lawyers will undoubtedly argue that the "corporate veil should be pierced". Buy no rx vanadyl In other words, buy no rx vanadyl they'll argue that MERS hasn't followed normal corporate formalities (or is inadequately capitalized), buy no rx vanadyl and so the big banks which own it should have to pay any judgments against it. Buy no rx vanadyl I am not sure who will win that argument. But Plaintiffs' lawyers will probably also name the banks themselves directly as co-defendants.  Original article can be found: http://www.washingtonsblog.com/2010/10/lawsuit-alleges-that-mers-owes.html