Banking Giants Hit With Fraudulent Foreclosure Suit In NJ

Law360, New York (March 12, 2013, 6:09 PM EDT) -- Nearly 100 foreclosed-upon homeowners accused Bank of America NA, JPMorgan Chase & Co., Wells Fargo Bank NA and other lenders of fraudulently originating or servicing mortgages through a controversial nationwide electronic mortgage tracking system, according to a recent New Jersey state court suit.

The homeowners alleged the banking giants and nearly a dozen other mortgage lenders fraudulently foreclosed on homes based on unreliable and inaccurate information in the Mortgage Electronic Registration Systems Inc., according to the Feb. 28 complaint. Commonly dubbed the MERS system, it’s a national...
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