Corker proposes alternative to MERS

Corker included the MERS redux proposal in his Residential Mortgage Market Privatization and Standardization Act, a bill introduced this week to outline the mortgage finance market's transition from dominance by government-sponsored enterprises to a privatized system.

The bill sets benchmarks for winding down the government-sponsored enterprises and aims to replace the qualified residential mortgage and risk retention rule with a 5% down-payment and a full mortgage documentation requirement.