‘Backgrounder: A Closer Look at MERS, the Industry’s Controversial Mortgage Clearinghouse’

“MERS is a confidential electronic registry that banks helped create in 1997 in order to keep track of mortgage paperwork. As we noted in our primer on the foreclosure scandal players, MERS saved the banks time and money by providing a private, electronic alternative to the public system used by local government recorders. By using the MERS registry, they largely avoided the recording fees.”

read more here:

http://www.propublica.org/blog/item/backgrounder-a-closer-look-at-mers-the-industrys-controversial-mortgage-cle

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