As per recent reports, it has revealed that a case has been registered against Bank of America, Wells Fargo and JPMorgan Chase over the access to a mortgage database. Confirming the news, New York Attorney General Eric Schneiderman said that they have filed a case against them as they led the state in a condition, in which, they were not able to assess foreclosures.
The case has been filed in New York State Supreme Court in Brooklyn, said Schneiderman, who further affirmed that the banks’ data bases which they call as MERS have deceived homeowners and not only this, they have created a whole lot of confusion about ownership interests in properties .
In order to make their own benefit, they have misled other people in the state and this is totally unacceptable, said he. Schneiderman said that they were in no mood to file a case against and it was a forced step. The banks were asked to give an explanation and to sign a multistate agreement on foreclosure practices, but they did not bother to reply. So, they were left with no option, but to file a case against them.
Schneiderman said, "Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law”.
On the other hand, MERS Spokeswoman Janis L. Smith has told that they have not deceived anybody and would fight the lawsuit. She further affirmed that their company has abided all the laws and has never broken any regulations, and they would prove this in the court. However, J. P. Morgan Chase and Bank of America opt not to comment on the issue.
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