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February 6, 2012

New York AG Sues Big Banks Over Mortgage Database 
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New York Attorney General Eric Schneiderman has filed suit against Bank
of America, JP Morgan Chase and Wells Fargo for deceptive and fraudulent
use of a private database known as the Mortgage Electronic Registration
System. Schneiderman said, “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."



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