Housing

New York AG Sues Banks Over MERS

New York Attorney General Eric Schneiderman has sued Bank of America, Wells Fargo, and JPMorgan Chase over the banks' use of the mortgage database MERS, resulting in widespread “deceptive and […]

New York Attorney General Eric Schneiderman has sued Bank of America, Wells Fargo, and JPMorgan Chase over the banks' use of the mortgage database MERS, resulting in widespread “deceptive and fraudulant” foreclosure filings in the state and in federal courts, according to a statement released today:

Employees and agents of Bank of America, J.P. Morgan Chase, and Wells Fargo, acting as “MERS certifying officers,” have repeatedly submitted court documents containing false and misleading information that made it appear that the foreclosing party had the authority to bring a case when in fact it may not have.

The alleged practice is “harming homeowners and undermining the integrity of the judicial foreclosure process,” the statement continues.

While not directly related, this suit comes at the heels of President Obama's State of the Union announcement of a foreclosure task force that Schneiderman will co-chair.

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