Eric Schneiderman Suing Three Major Banks For ‘Deceptive And Fraudulent Foreclosure Practices
State Attorney General Eric Schneiderman filed a suit today against Bank Of America, J.P. Morgan Chase and Wells Fargo for creating and using a private national mortgage electronic registry system called MERS to bring ” foreclosure proceedings en masse based on deceptive and fraudulent court submissions.”
“The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages,” Mr. Schneiderman said in a statement about the suit. Read More
