An emulsion polymerization process comprising polymerizing monomer in an emulsion in a reaction vessel at a first temperature to form a resin; cooling the reaction vessel to a second temperature that is above the softening point of the resin yet below the temperature required for significant depolymerization reaction to occur; and adding water to the cooled reaction vessel in an amount sufficient to effect phase inversion with mixing for a sufficient time to form an aqueous latex emulsion in the absence of a surfactant.