Staff at the Federal Reserve Bank of New York and other legal professionals are scrutinizing the fundamental questions the foreclosure crisis has raised about the adequacy of the legal framework for modern mortgage note transactions, especially when it comes to transferring and enforcing notes and mortgages, and how best to resolve them. The role of the Mortgage Electronic Registration System is a part of the discussion. To date, they are relying upon a number of issues that have been identified in a draft discussion document prepared recently by the Permanent Editorial Board of the Uniform Commercial Code, in conjunction with...