I never said they did MERS right. I just said something like MERS is needed to modernize the way we keep track of property ownership, etc. And, as for forgery and fraud committed to escape the effects of having done MERS wrong, I say, throw the book at them! And let the deadbeats live rent-free until they're ready to move. Then let them rehabilitate the title instead of the kitchen. If that's how the cookie crumbles.
If we can trade stocks and bonds electronically, why not mortgages? Of course, stocks and bonds have always been traded more or less centrally, whereas real estate has always been decentralized, typically to the county level. So, computerization of stock and bond trading was a much easier task than modernization of the mortgage market. The inventors of MERS obviously underestimated the difficulty of what they attempted!
MERS was created to reduce mortgage trading friction. That allowed banks to smoothly offload mortgages to an investment market that was ultimately backed by the taxpayers in the form of Fannie and Freddie and federal bailouts of the too-big-to-fail. That smoothly functioning secondary market enabled the banks to comply with public policy, which was that you had the right to own a house whether or not you pay for it. May the pain continue until we restore adult supervision to the federal government in 2013.
What you never said was the MERS was ILLEGAL! You make it sound like they just made a some kind of business mistake or a marketing error not that the BROKE the law. You are a apologist for the banks illegal activity.
Your premise maybe right but declaring that it was a good idea is just gone wrong isn’t.
By the way did you ever think that if they would have just bothered to follow the law in the first place we wouldn’t have this mess and that the ‘dead beats’ would be out on their rears already and without a leg to stand on?