This could have serious implications on the housing and banking industry. The claim that MERS was illegal and an illegal move by the banking system to save tax payments and time in transferring property is at the heart of this matter. The Electronic registration system was used to skirt the true county property records system that collected tax revenue every time a property was transferred to another party. This could open a a large can of worms that could reveal fraudulent activity for years. It will be interesting to see if the current administration and bank loving politicians can keep the banks out of further trouble. Most likely they will make every effort to brush this under the rug at least until after the election cycle.
Read more on the story here.
More Financial Reality.
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