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New York Sues Banks, Alleges Electronic Mortgage Fraud
Published:
Friday, 3 Feb 2012 | 1:02 PM ET
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By: Reuters
New York state Attorney General Eric Schneiderman on Friday accused three major U.S. banks of fraudulently using an electronic mortgage database to avoid the need for recording mortgage transfers.
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Getty Images New York Attorney General Eric Schneiderman |
]] ] "The mortgage industry created MERS to allow financial institutions to evade county recording fees, avoid the need to publicly record mortgage transfers and facilitate the rapid sale and securitization of mortgages en masse," Schneiderman said.
MERS, the Mortgage Electronic Registration Systems, is a system for tracking mortgage ownership.
Copyright 2012 Thomson Reuters. Click for restrictions.
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