With the banks MERS system flipping ownership around while bypassing county registries (where ownership is lawfully registered) the chain of possession is broken. Not only do banks not really own the properties they foreclosed on, but that ownership chain is still broken when they sell those houses on. Las Vegas is a prime example.
I've lost track of this, There was some law that congress wanted to ram through that would make MERS legal retroactively. What happened with that?
