Has anyone seen this law suit filed in California where the Courts are alleging that they lost money as a result of false representations made by the Defendants, MERS etal, in order to avoid payment in full of all recording fees reflecting the establishment and/or transfer of secured interests in real property in the State.

www.msfraud.org/law/lounge/California-Qui-Tam-False-Claims-Recording-Fees.pdf

For a complete copy of the complaint, see the link above. I found this particular allegation interesting:

The Defendants adopted the Mortgage Electronic Registration System (MERS) to deprive county and state governments of revenue used among other things to maintain county real property records, fund the judiciary, fund school systems, and provide other government services. But for the recordation of false statemetns, the Defendants would have paid additional recording fees to the Counties.

 The complaint goes on to state various ways in which MERS has circumvented the recording process and according to the complaint, that MERS has stated that it has saved 2.4 BILLION dollars in recording costs by not filing or recording documents that reflect the transfer of an interest in real estate on loans that have a MERS deed of trust or security instrument...

Now for many of you this may be old news as this case was filed in May, 2010, but I only just now came across it. I don't know why this issue is stuck in my craw as they say, but I just am floored by the absolute arrogance of MERS and all of its affiliates as well as the forclosure mills that relied (rely) upon these falsified documents to proceed to foreclosure on properties they have no right, title or interest in.

As a case in point today I reviewed a file where the foreclosure attorney filed a Trustee's deed into the "note holder (bank)".  There is no assignment of the Deed of Trust in the land records.  The Trustees deed specifically states that the Note was assigned, and that pursuant to the note assignment they are proceeding to foreclosure in the name of the bank. This foreclosure has ratified with the court and we are to proceed to closing on Friday EXCEPT that neither the foreclosure attorney nor the title agency representing the seller can present to me a copy of the assigned Note. 

What am I to do with this?  Should I proceed and assume, as most would, that the Note was properly assigned or should I open a can of worms, delay my closing and possibly lose the deal? 

Do I need to stop reading these cases against MERS and all of their various and sundry "assignees"?

Oh, again, my head hurts!