New York’s attorney general is accusing some of the nation’s largest banks of deceit and fraud. That is because they were using an electronic mortgage registry that he claims puts homeowners at a disadvantage in foreclosures. He claims the banks submitted court documents containing false and misleading information. It appeared to provide the authority for foreclosures when there were none. Further, the Mortgage Electronis Registration System (MERS) has eliminated homeowners’ ability to track property transfers through traditional public records. And, inaccuracies plagued the stored data in the system.
While New York's Attorney General is pursuing this claim instead of signing on to No such action appears to be in the works from Florida Attorney General Pam Bondi.
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