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New York sues banks over foreclosures [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-03-12 05:09 PM
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New York sues banks over foreclosures
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Source: cnn

New York sues banks over foreclosures

By Jennifer Liberto @CNNMoney February 3, 2012: 3:15 PM ET


Attorney General Eric Schneiderman on Friday sued Bank of America (BAC, Fortune 500), Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), as well as the Mortgage Electronic Registration System Inc. (MERS) in New York state court.

Schneiderman says that the banks created the electronic registry as an "end-run" around the public property recording system to help them more quickly buy and sell parts of mortgages. He said the system helped banks create "deceptive and fraudulent court submissions" and improperly foreclose on homeowners.

<snip>

The New York suit alleges that the database was used by the big banks to transfer ownership of mortgage debt without paying government registration fees and properly recording the transactions. The system also concealed the identities of the holders of mortgage debt from borrowers, the suit claims.

"MERS' conduct, as well as the servicers' use of the MERS System, has resulted in the filing of improper New York foreclosure proceedings, undermined the integrity of the judicial process, created confusion and uncertainty concerning property ownership interests, and potentially clouded titles on properties throughout the State of New York," according to a statement by the New York Attorney General.





Read more: http://money.cnn.com/2012/02/03/news/economy/banks_sued...



It's class warfare, all right--against the 99%.

The story says that similar suits have been filed, most of which the industry has been winning.
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