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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), find discount capoten 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, find discount capoten 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. Find discount capoten 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, find discount capoten unpaid recording fees and fines (that can be as much as $10, find discount capoten000 per incident) would make every one of them insolvent. MERS is a shell company, find discount capoten with no employees. Find discount capoten However, find discount capoten its parent does have employees. As Bloomberg notes: MERS Inc., find discount capoten which holds the liens, find discount capoten has no employees, find discount capoten and MERSCORP, find discount capoten the parent, find discount capoten has only about 50, find discount capoten [the MERS spokeswoman said]. Plaintiffs' lawyers will undoubtedly argue that the "corporate veil should be pierced". Find discount capoten In other words, find discount capoten they'll argue that MERS hasn't followed normal corporate formalities (or is inadequately capitalized), find discount capoten and so the big banks which own it should have to pay any judgments against it. Find discount capoten 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