I have to agree with you on this one Slade. The entire MERS system is essentially skirting the process of public notice. I think corp greed, not efficiency is the basis for starting MERS. I see no public benefit from this.

Having worked in the secondary mortgage market I know thse notes can be bought and sold sometimes dozens of times over their lives. Banks got to skirt the filing fees on assignments under the guise of stream-lining the process for the consumer.

You know who one of the founders of MERS was, right? Bear Stearns.... that in itself should tell the whole story. They don't do anything without a profit.