New York AG Sues Banks Over MERS
Posted by Matthew Brian Hersh on February 3, 2012
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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Matthew Brian Hersh proudly served as senior editor at Shelterforce from March 2008 to October 2012. He studied English at Rutgers University and has spent his professional career in journalism, policy, and politics. He displays many of the trappings of a New Jersey sports fan: dispirited Mets fan, former Nets fan before they left the state, and normally satisfied Giants fan. Hersh lives in Highland Park, NJ with his wife and two children.