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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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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a former blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former and current President of Common Ground-NY (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of (more...)