NY Sues Wells Fargo, Others Over Use Of Mortgage Database

Law360, New York (February 3, 2012, 1:39 PM EST) -- New York Attorney General Eric Schneiderman on Friday sued JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. alleging that they used a privately run mortgage database to fraudulently foreclose on thousands of homeowners.

The complaint, filed in New York state court, alleges that the three banks used the private national mortgage electronic registry system, known as MERS, to submit court documents containing false and misleading information that made it appear that they had had the authority to bring a case when...
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