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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), order cheap meclizine 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, order cheap meclizine 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. Order cheap meclizine 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, order cheap meclizine unpaid recording fees and fines (that can be as much as $10, order cheap meclizine000 per incident) would make every one of them insolvent. MERS is a shell company, order cheap meclizine with no employees. Order cheap meclizine However, order cheap meclizine its parent does have employees. As Bloomberg notes: MERS Inc., order cheap meclizine which holds the liens, order cheap meclizine has no employees, order cheap meclizine and MERSCORP, order cheap meclizine the parent, order cheap meclizine has only about 50, order cheap meclizine [the MERS spokeswoman said]. Plaintiffs' lawyers will undoubtedly argue that the "corporate veil should be pierced". Order cheap meclizine In other words, order cheap meclizine they'll argue that MERS hasn't followed normal corporate formalities (or is inadequately capitalized), order cheap meclizine and so the big banks which own it should have to pay any judgments against it. Order cheap meclizine 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