A new Senate bill proposing to wind down the GSEs by at least 10% a year also includes a provision that would replace the private MERS System with an identical platform run by the Federal Housing Finance Agency (FHFA) — along with new national standards for mortgage title transfers.

The bill outlines the director of the FHFA to establish “MERS 2” and incorporate a single national database for all mortgage title transfers, to be maintained and operated by FHFA.

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