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| Permalink View Article Stats NY AG Eric Schneiderman Sues BofA, Wells Fargo, JPMorgan Chase Over Electronic Mortgage Fraud Quicklink submitted by Amanda Lang (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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| New York state Attorney General Eric Schneiderman on Friday accused three major U.S. banks of fraudulently using an electronic mortgage database to avoid the need for recording mortgage transfers. Schneiderman's office said he was suing Bank of America Corp , Wells Fargo & Co and JPMorgan Chase & Co in New York state court in Brooklyn. 'The mortgage industry created MERS to allow financial institutions to evade county recording fees, avoid the need to publicly record mortgage transfers and facilitate the rapid sale and securitization of mortgages en masse,' Schneiderman said. |
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