This is extremely important, especially for those people who are facing foreclosure. A large majority of foreclosures are initiated by MERS. There are at least 3 state appellate court rulings now that have established that MERS is not an interested party to a foreclosure, and it has been subsequently barred from intiating foreclosures in those states. Now it appears that this Complaint is accusing MERS of being nothing more than a conspiracy amongst the large banks, which has resulted in nothing more than a way to fraudulently convey title. I will not be at all surprised if this ends up being the case.
As an aside, I am truly disgusted with Mike Cox, the current Attorney General of the State of Michigan, who despite having not only appellate precedent but a myriad of other evidence to show that MERS is responsible for many foreclosures in this state, and yet he has done absolutely nothing to protect the residents of the State of Michigan. Instead, he’s running for governor. Caveat emptor.
“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.)