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NY Observer: Eric Schneiderman Suing Three Major Banks For "Deceptive And Fraudulent Foreclosure Practices

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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.

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