I don't see what is so archaic about filing a mortgage assignment in the county recorder's office.  After all, that is where the ownership records are and that is where a foreclosure case would have to be filed.  Shouldn't we keep all the records in the same place??

Perhaps, if they are going to keep all of the assignment records in one place, we should allow lenders to file their foreclsoures all at the same place, too.  Can you image if we hade a national foreclosure court??

Besides, the real benefit that MERS keeps touting is the cost of filing these assignments.  Should we expect the government to maintain MERS2 at no cost?  I can't imagine that would happen.

And, lets not forget the role MERS plays here is not merely a registry - they have a self-defined role as a party to the mortgage, both as mortgagee and nominee for the real lender holding the note.  Would the federal government take over that role as well?  If not, then why does it matter where the assignments are filed?  It would only serve to further fragment the public records.

I just don't get it and the bill doesn't even come close to explaining how it would work.  Currently MERS is shown on the mortgage as mortgagee and nominee.  Presumably the mortgage would still have to be filed in the county records.  Would the government as MERS2 still be listed as the mortgagee??  The government has no business being the mortgagee on any mortgage between a private lender and a borrower.  We need to get the government out of the mortgage mess, not place them smack dab in the middle of it with federal legislation.