I think that there could be a qui tam goldmine here, especially considering that many counties are strapped for cash and MERS has been doing things to deliberately cut county recorders (and their fees) out of the loop when notes are sold.
MBS have existed for decades, and they’re on the up and up. Bundling mortgages together and selling them as a package mortgages is why Fannie was created in the 30’s.
MERS, however, is a whole ‘nuther matter.
Reforming MERS and that overall system would have been smarter, cheaper, and easier than the crap that has been shoved down our throats the last couple years.