The MERS edifice is apparently beginning to unravel. At least five court decisions, including opinions by the Kansas and Arkansas Supreme Courts, a Federal Bankruptcy Court in Nevada, a California trial court, and an Indiana Appellate Court, have found against MERS claims related to collection of loans following foreclosure sales, often leaving a second mortgage holder out tens of thousands of dollars. The problem is the presence of the MERS name on mortgage documents as a nominee or representative of the mortgagee, and the legal failure of MERS itself to retain any interest in the proceedings in its function as a mere database. Also the fact that transfer of ownership of the mortgage or DoT was not legally recorded as most states’ laws require.

If you are involved in realm of foreclosure, lending, etc, in any capacity, please be aware of this growing meltdown. More information can be found at the following links:

Information on NYT article and Indiana Appellate case: http://indianalawblog.com/archives/2009/09/courts_in_kansa.html 

Supreme Court of Kansas decision: http://www.kscourts.org/Cases-and-Opinions/opinions/supct/2009/20090828/98489.htm

Discussion of Kansas decision: http://foreclosurebuzz.org/2009/09/15/kansas-supreme-court-mers-is-a-straw-man-with-no-enforceable-rights/

Detailed discussion of MERS legal problems: http://iamfacingforeclosure.com/blog/2009/09/24/the-trouble-with-mers/

Supreme Court of Arkansas decision: http://courts.arkansas.gov/court_opinions/sc/2009a/20090319/published/08-1299.pdf

Notes on the MERS legal situation: http://solari.com/blog/wp-content/uploads/2009/09/rp_kraft.pdf

Excellent discussion of the issues and developments: http://rismedia.com/2009-09-28/op-ed-60-million-mortgages-may-have-fatal-flaws/

More good discussion: http://seekingalpha.com/article/162768-has-a-mershole-opened-up

Thanks to Sam for aggregating this information.

B

Seems to me a little railing would go a long way here. With the entrances through the barrier synced with the actual doors on the train?

Search: gates or rails at subway stations? 

“Rails at subway stations” was a miss, but I struck gold with “gates on subway platforms.”

So I’m not the first person to think of this. In fact the barriers I am imagining are called either “platform screen doors” or ”platform edge doors” depending on whether or not they extend all the way to the ceiling. There are some nice pics at the above link, and especially here (mouse over these pics to expand). Doubtless these things save numerous lives.

There has been one death attributed to safety doors. But that was in Asia where subway culture resembles a contact sport (click for must-see video).

If you find yourself mourning the absence of handy platform screen doors at your local tube stop, here is a nifty subway station survival guide.

B

An anonymous (but independently verified legitimate) blogger in periodic contact with EEStor Inc., has created an excellent site to post information and comments from those knowledgeable in the scientific debate and investment opportunities arising from the EEStor saga. The tension is palpable as every tantalizing bit of news and rumor is sliced and diced by naysayers and true believers, any of whom may or may not have an agenda!

My legal take is that the EEStor principals (who are legitimate and reputable businesspeople) would not expose themselves to the civil and criminal fraud charges that would likely threaten if EEStor turns out to be some sort of sham (a claim that hasn’t yet been fully put to bed). Too much funding money has changed hands based on what has been said and implied at this point. Electric car manufacturer Zenn Motor Company, leading US defense contractor Lockheed-Martin, and famous venture capitalists Kleiner Perkins Caufield & Byers are all early investors/licensees.

In other news… are you one of ~8,000,000 Americans unknowingly residing in the scarily-named ”Main Core“?

My legal tak|||THE BLOG IS BEEN CONFISCATE BY MAIN CORE. FREEDOM OF YOUR SPEECHES IS BEEN REVOKE. YOU WILL WAIT MORE REINSTRUCTIONS.|||

Uhhh… I (obviously) didn’t write that. I’m heading for the hills folks!

B

Light, electric powered planes built from carbon fiber are advancing to the point of initial economic viability ($77,000, $133,000 and $300,000 models are mentioned), but FAA rules are very restrictive on personal light aircraft.

However, FAA rules could change, possibly within the next year. The Experimental Aircraft Association announced Saturday that it has filed a request for the FAA to change how it classifies electric aircraft. If the group’s petition succeeds, the U.S. market could open up for other electric craft on the horizon.

Commenters to the article are not optimistic, citing the inability of most of us to navigate (drive) without mishap in two dimensions. Still, it’s a pretty dream.

B

http://www.cnn.com/2008/BUSINESS/02/19/toshiba.hdd/index.html

Remember when Sony’s Betamax technology lost out to VHS in the 1980’s? (My family had a Betamax, and it was the best VCR I’ve ever used). Well, Sony has won this round. Its Blu-ray high-definition technology has knocked out competitor Toshiba’s ‘HD DVD’ technology. The two formats used different hardware to provide high-def, and Toshiba has just announced they will discontinue all efforts at producing HD DVD products.

The final cards fell when Wal-Mart, Netflix and Warner Brothers all announced they would move exclusively to Blu-ray DVDs.

Winners: Disney, 20th Century Fox, MGM, Dell, Panasonic, and Philips, who backed Blu-ray.

Losers: Paramount, Universal Pictures, Microsoft, Sanyo, and NEC, who backed Toshiba’s HD DVD technology.

In a nutshell, Toshiba was unable to capture the world-wide retail space that Sony commanded. Consequently more consumers acquired Blu-ray technology, leaving HD DVD without a market.

Here’s a recent comparison contrast of the two technologies… now largely moot.

http://reviews.cnet.com/4520-8900_7-5600201-1.html

B