Fixing the Mortgage Mess: The Game-changing Implications of Bain v. MERS

[JohnQPublic]

Fixing the Mortgage Mess: The Game-changing Implications of Bain v. MERS

Ellen Brown

Author, Web of Debt; President, Public Banking Institute


"Two landmark developments on Aug. 16 give momentum to the growing interest of cities and counties in addressing the mortgage crisis using eminent domain:

1. The Washington State Supreme Court held in Bain v. MERS, et al., that an electronic database called Mortgage Electronic Registration Systems (MERS) is not a "beneficiary" entitled to foreclose under a deed of trust; and
2. San Bernardino County, Calif., passed a resolution to consider plans to use eminent domain to address the glut of underwater borrowers by purchasing and refinancing their loans..."

[Glass]

I think Ellen is dubious at best. Her proposals are not the solution of course. Well not the only one. Not the best one. Possibly the worst one. The alternative to municipalities claiming title is for the possesor to claim title. This little thing seems to be constantly overlooked. So instead of everyone accepting there is no counter party with a claim and as a result no dispute over the ownership of a title, we have to find, come up with, conjour up a counter party so there can be a dispute and an on-going debt.