Law Expert: MERS Mess Could Have “a Massive Effect on the Economy.”

"It’s important to know from the beginning that MERS is a wholly owned subsidiary of big financial institutions. The mortgage bankers wanted to avoid recording fees and reduce their overall expenditures. So they basically devised a method that would free them from those fees, ran an accounting study showing the savings, and just created MERS... absolutely nobody in this country knows with any certainty how this is going to play out.''