The issue of the banks and the electronic system they use to securitize mortgages continues to burn as a major issue in the US...........................although the PTB have not been able to keep this explosive story under wraps most of the coverage that does come out fails to take the implications to their logical conclusions............
if banks/MERS are found not to have standing in court in proceedings to foreclose on real property, and clouds are on the chains of title to properties in which the MERS-member banks and MERS were involved, what would prevent current mortgage holders (I AM NOT EVEN DISCUSSING THE 60 MILLION properties in foreclosure presently in the US) from preemptively filing actions to quiet title on their homes, thereby removing banks from the chains of title (because they have no legal standing inasmuch as laws concerning filing of proper mortgages and security instruments have not been properly filed in county court houses) leaving the owners sole owners and occupiers of said property, and eliminating any obligation they might have to pay off the balance of their mortgage?
This is very radical stuff, folks. I read somewhere today that meetings are occurring at the White House today on the subject, which doesn't bode well. They tried to push through a bill last week to rescue the banks from their own greediness and lack of attentiveness to the laws of the land..........and Obama used his pocket veto on the bill.
Will the try to "nationalize/socialize" private property in the US to help the banks out on this one? There is recent precedent for doing so (the bank bail-out in October '08, and the bail-out for the airlines and the auto industry as well!) I don't think that would sit well with the property rights people in the US and as dumbed-down as the population might be, no one would fail to note that their private property had been taken over by the government and given to the banks!
THIS IS A REAL PROBLEM, FOLKS!
It may be a little too interesting to see what happens next!