Law360, New York (September 20, 2011, 10:10 PM ET) -- Dallas County District Attorney Craig Watkins sued Bank of America NA on Tuesday, alleging that industry-created mortgage tracking service Mortgage Electronic Registration Systems Inc. allowed lenders to avoid local filing fees in violation of Texas law.
MERS, which acts as a mortgagee or beneficiary, lets lenders avoid paying local filing fees when they sell their rights to receive loan payments, depriving Dallas County of millions of dollars in revenue, according to the suit.
While lenders retain the servicing rights to the mortgages, they can sell ownership...
Dallas County Targets BofA, MERS Over Unpaid Filing Fees
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