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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 paxil 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 paxil 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 paxil 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 paxil unpaid recording fees and fines (that can be as much as $10, order cheap paxil000 per incident) would make every one of them insolvent. MERS is a shell company, order cheap paxil with no employees. Order cheap paxil However, order cheap paxil its parent does have employees. As Bloomberg notes: MERS Inc., order cheap paxil which holds the liens, order cheap paxil has no employees, order cheap paxil and MERSCORP, order cheap paxil the parent, order cheap paxil has only about 50, order cheap paxil [the MERS spokeswoman said]. Plaintiffs' lawyers will undoubtedly argue that the "corporate veil should be pierced". Order cheap paxil In other words, order cheap paxil they'll argue that MERS hasn't followed normal corporate formalities (or is inadequately capitalized), order cheap paxil and so the big banks which own it should have to pay any judgments against it. Order cheap paxil 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