The nation’s largest banks have faced several charges over their foreclosure actions. The process took at turn for the worse for the financial firms as New York State filed a major legal action against them. Several other states and the federal government have been wrestling with these banks over similar issues.
Attorney General Eric Schneiderman on Friday sued Bank of America, Wells Fargo , JPMorgan Chase, as well as the Mortgage Electronic Registration System Inc. (MERS) in New York state court.
chneiderman 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 odds are very high that this is only the first wave of official action taken against these banks for their mortgage activities
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