Here’s what one trial judge had to say on the matter:

4 Registration Systems does not keep and hold notes.

15 They don’t have authority to transfer notes. All

16 they do really is act as an intermediary to hold

17 possession of the mortgage. They don’t have

18 possession of the notes. They don’t have

19 authority to transfer a note from one servicer to

20 another or from one owner to the next.

21 THE COURT: They’re just set up to avoid the

22 local documentary stamps.