I was looking at a 55A rated MOSFET
For starters you would want a mosfet with at least twice the current rating to what you want to draw in current, or several mosfets in parallel, running a mosfet at close to max current will create a huge amount of heat in the mosfet, and is why you need to over rate the mosfet, or spread the load across several to reduce the heat within the individual packages.
Not sure how you intend to drive the mosfet, as from my understanding mosfets DONT like to be run in a linear mode and will generate lots of heat, most circuits i have seen using mosfets in regulators employ PWM to drive the mosfet, as mosfets like to be switched fully hard on and fully hard off, not in some linear mode halfway in between.
What you want to do sounds simple, but its not for high current loads like 40++ amps, just have a look at high current 24v to 12v stepdown converters, and you will soon see the cost is rather high, do you think they would cost so much if some bog basic 7812 Vreg and mosfet will do the job.
From 20v to 12v at 40 amp would mean that 320 watts will need to be lost in heat through the mosfet, hookup 3 x 100 watt light globes and see how much heat they put out, my rule is if i can touch it without loosing the skin off my fingers then its acceptable in heat dissipation.
I am guessing you purchased 12VAC transformers and forgot to allow for the gain when rectified, rule of thumb is, times the VAC by 1.4 to get VDC after its rectified. (or 12VDC / 1.4 = 8.5VAC)