MERS
and several banks who were sued by New York's attorney general for allegedly
initiating faulty foreclosure actions have struck back in the high-profile
litigation by strongly defending their practices and discounting the office's
assertions as factually and legally deficient.
In
February, Attorney General Eric Schneiderman sued MERS—Mortgage Electronic
Registration Systems—and several major banks and mortgage servicers, including
JPMorgan Chase, Bank of America and Wells Fargo. The action contended the
defendants' use of the MERS system 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 created clouds of title on properties" across the state (NYLJ, Feb. 6).
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