MERS: Named in Class Action Racketeering Suit
The Market Ticker ® - Commentary on The Capital Markets
Posted at: 2010-07-30 11:21 by Genesis
in category Housing
 

I was wondering how long it would take before someone got their dander up....

"Defendant Merscorp, Inc., is a foreign corporation created in (on?) or about 1998 by conspirators from the largest banks in The United States in order to undermine and eventually eviscerate long-standing principles of real property law....

MERS is the RICO enterprise and is the primary innovation through which the conspirators, including the Defendants, have accomplished their illegal objectives as detailed throughout this complaint.

Well, well, well.... read the rest of the complaint - it's good.  Specifically, it appears they managed to get the "signer" of a large number of these documents (who claims to be an officer of MERS) to admit that she is in fact not a corporate officer, and in fact doesn't even know who the corporate secretary of the company is!

On it's face, the complaint looks pretty ugly.

I'll be watching to see how the case develops; if you remember my previous articles about MERS, I put forward the belief that what they had attempted to do was end-run around the statutory requirements of several states with regard to assignment and recordings for real property, not to mention potentially the laws relating to trusts and assignments "in blank" (effectively, the creation of bearer paper, which has a whole host of related issues.)

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