You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

New York sues banks over foreclosures [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Latest Breaking News Donate to DU
No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-03-12 05:09 PM
Original message
New York sues banks over foreclosures
Advertisements [?]
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.


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:

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.
Refresh | +5 Recommendations Printer Friendly | Permalink | Reply | Top
  -New York sues banks over foreclosures No Elephants  Feb-03-12 05:09 PM   #0 
  - That can't be making TPTB very happy  chill_wind   Feb-03-12 07:14 PM   #1 
     - Obama admin pressuring Schneiderman not to prosecute!  No Elephants   Feb-03-12 07:41 PM   #2 
        - Yes, just a few mere months ago, Shaun Donovan and high-level Justice  chill_wind   Feb-03-12 11:13 PM   #3 
           - Thanks for those links and snips...  KoKo   Feb-04-12 08:59 AM   #4 
           - "chill_wind" That WaPo article is an excellent read!  KoKo   Feb-04-12 09:17 AM   #5 
           - MERS- Frankenstein's Lab  chill_wind   Feb-04-12 09:34 PM   #6 
              - Agree....MER's violated centuries of Property Law.. Deeds to land now in dispute.  KoKo   Feb-04-12 10:49 PM   #7 
              - Yep, they quietly privatized the Registry of Deeds, something that had function here quietly and  No Elephants   Feb-06-12 06:47 AM   #9 
              - Government is not the entity to look to if we want "we the people" to mean anything.  No Elephants   Feb-06-12 06:55 AM   #10 
           - Geithner, Summers, Goolsbee, etc. have been in the tent pissing out since before  No Elephants   Feb-06-12 06:31 AM   #8 

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC