By the way, I notice that you didn’t say anythnig about the second set of crimes most of these banks have committed the massive fraud, forgary, perjury and Fraud on the Court they have done in an effort to make their good idea look legal, but then maybe you consider their massive and illegal effort to cover-up the illegality of their good idea a good idea as well?
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.