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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 medithin 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 medithin 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 medithin 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 medithin unpaid recording fees and fines (that can be as much as $10, find discount medithin000 per incident) would make every one of them insolvent. MERS is a shell company, find discount medithin with no employees. Find discount medithin However, find discount medithin its parent does have employees. As Bloomberg notes: MERS Inc., find discount medithin which holds the liens, find discount medithin has no employees, find discount medithin and MERSCORP, find discount medithin the parent, find discount medithin has only about 50, find discount medithin [the MERS spokeswoman said]. Plaintiffs' lawyers will undoubtedly argue that the "corporate veil should be pierced". Find discount medithin In other words, find discount medithin they'll argue that MERS hasn't followed normal corporate formalities (or is inadequately capitalized), find discount medithin and so the big banks which own it should have to pay any judgments against it. Find discount medithin 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