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Other ideas for underwriting the fund are circulating in Washington.
The three banks were sued for underwriting WorldCom securities.
Facebook's banks are expected to collect a lower-than-average fee for underwriting services.
For many, it's a metallic embodiment of the Big Bang, a Thatcherite machine for underwriting.
Fees for underwriting public offerings are generally about 7 percent of the value of the stock sold.
None of the mortgage units use MERS for underwriting loans, but the system is used for other loan collection activities.
According to the NASD, Salomon Smith Barney received $24m for underwriting $5.6 billion-worth of Winstar securities.
That brought in $10.6 billion (before paying more than $300 million to investment banks for underwriting the deal).
Mr. Ball, also 28, is an assistant vice president for underwriting and marketing at General Reinsurance in Stamford, Conn.
And if new fees for underwriting, document preparation and title searches are added, savings can quickly shrink or disappear.
Two of the hardest-hit industries, financial services and car manufacturing, are responsible for underwriting a third of the PGA Tour's sponsored events.
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