Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof?
The financial juggling that helped cause the 2008 crisis may be coming back to haunt banks-and help homeowners.
by Ellen Brown
Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles—and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.