Friday, February 3, 2012

New York Attorney General sues banks, MERS registry, for "fraud"

The New York Attorney General has announced a major lawsuit against several of the nation’s largest banks for deceptive & fraudulent use of the MERS electronic mortgage registry.

According to the Attorney General, the banks, Virginia-based MERSCORP, Inc. and its servicers engaged in “deceptive and fraudulent practices that harmed homeowners and undermined the judicial foreclosure process.” The lawsuit names JPMorgan Chase Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A. as the involved banks.

The lawsuit seeks injunctive relief, money damages for harmed homeowners, and civil penalties.

The complete complaint against the banks and MERS can be found here.