For the first time in the nation’s history, there is no longer an authoritative, public record of who owns land in each county.

That’s a quote from University of Utah law professor Christopher Peterson.

The impact of our failure of property ownership is impossible to predict.  What we do know for certain is that this system is one of the reasons behind the dramatic collapse in real estate we’re suffering all across this country.  What’s most staggering is how this cancer spread all across this country with precious little government or legislative opposition.  How did our leaders just turn their backs on this?

And now for the article….

There is an unbelievable scandal in the making that threatens to subvert our four-century-old method for guaranteeing a fundamental building block of the American republic—property ownership. The biggest reason why you probably haven’t heard much about it is that it involves one of the most generic and boring company names imaginable: Mortgage Electronic Registration Systems, Inc., or MERS. It is a story of deception engineered at the highest level of power for short-term gain, and another epic failure of the private sector to uphold the laws and traditions of American society, even something as fundamental as property rights.

MERS cost local governments billions of dollars in lost revenue, but there is a chance that the cash-strapped counties will be able to claw some of that money back. Lawsuits have been filed against MERS in California, Nevada, Tennessee and 14 other states that accuse the company of functioning as a tax evasion vehicle designed to help banks circumvent filing fee requirements. “In California, the suit against MERS could cost the company somewhere between $60 to $120 billion in damages and penalties. With so much money extracted from California’s municipalities, no wonder the Golden State is facing a $25 billion budget gap,” reported the Associated Press.

Read the full article here

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