New York AG Sues Mortgage Registration System, Banks

By Andrew Scoggin

New York Attorney General Eric Schneiderman filed a lawsuit Friday against three of the nation's biggest banks and Mortgage Electronic Registration Systems over allegedly fraudulent foreclosure actions.

In the complaint, Schneiderman (pictured) said the creation of MERS led to a system that resulted in homeowners and public servants being unable to track their own mortgages.

MERS, in response, said that is not operating outside the law and that pass judgement will exonerate the validity of the electonic registry's actions.

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