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

Interesting post on Bain V. MERS:

Two landmark developments on August 16^th 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, California, passed a resolution to consider plans to use eminent domain to address the glut of underwater borrowers by purchasing and refinancing their loans.

Link to full post on Ellen Brown's "Web of Debt Blog."