Greg Ousley wants to be a chaperone of sorts for the secondary mortgage market. The chief executive of Global Debt Registry said his company's system, which was designed to track ownership of delinquent credit card debts, can improve upon the widely used Mortgage Electronic Registration System (MERS).

MERS' reputation has taken a beating in recent months as questions about its legal standing in foreclosure cases have increased amid a broader controversy over mortgage servicers' record keeping.

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