A Massachusetts official whose office deposits about $25 million a year with Bank of America Corp. (NYSE: BAC) has asked the state treasurer to yank that money from the financial institution.
Southern Essex District Register of Deeds John O’Brien said he has written to Massachusetts State Treasurer Steven Grossman and asked him to stop using Bank of America for his county’s deposits. O’Brien wants the deposits shifted to a community bank that is not part of the Mortgage Electronic Registration System.
O’Brien, who is leading a nationwide effort against MERS, accuses the group and its members of failing to record mortgage assignments and pay associated fees. He says the actions have deprived taxpayers of millions of dollars in lost revenue.
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http://www.bizjournals.com/boston/news/2011/04/04/mass-official-yank-deposits-from.html#ixzz1Ia3QniZt
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