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This was not completely unforeseen. I remember reading an article a while back describing how some homeowners were thwarting threatened foreclosures by demanding that the bank (or other entity) produce the note. The gist of that article was that some of these loans had changed hands so many times that the paperwork had never caught up to the entity that now owned the loan. Unable to produce the actual note, they were unable to foreclose on the house.
At the time, I got a chuckle out of it, because it seemed like fitting justice for entities that were too lazy to actually do the work of administering these loans. I had never heard of MERS, but now that I read this article, I can see how this is a logical extension of this problem.
This could get interesting.
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