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« Bailout Battle - The IMF vs. Germany, Banking Giant HSBC Accused Of Laundering Billions, Yale Discovers A Fungus That Eats Plastic (LINKS) | Main | Report: Top Geithner Aide Headed To Goldman Sachs »
Friday
Feb032012

Bank Of America, Wells Fargo & JP Morgan Sued By New York AG Eric Schneiderman Over Use Of MERS

Hot off the presses.  The lawsuit was filed earlier today in New York.

---

Bloomberg

Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. were sued by New York Attorney General Eric Schneiderman over the creation and use of a mortgage database.

The banks’ use of the database, known as MERS, has led to deceptive and fraudulent foreclosure filings in New York state and federal courts, Schneiderman said in a statement today.

“The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages,” the attorney general said. “Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions.”

Delaware Attorney General Beau Biden last year sued Merscorp Inc., which operates the mortgage registry, accusing it of deceptive trade practices. Merscorp was also named as a defendant in Schneiderman’s lawsuit.

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Reader Comments (19)

It's difficult to know how big of a deal this lawsuit is, but it's not good news for MERS either way.
Feb 3, 2012 at 3:20 PM | Registered CommenterDailyBail
The criminal charges need to start happening. The economy will not heal till a whole bunch of these guys are in prison for long terms.
Feb 3, 2012 at 6:05 PM | Unregistered CommenterHarry Johnson
Coupled with the ludicrous headline unemployment number today--whose head has a bag on it when it emits, "8.2%"?--this seems a bit scripted.

This all-is-well feeling won't last for very long, kittens, of that you may rest assured.
Feb 3, 2012 at 9:46 PM | Unregistered CommenterCheyenne
Anyone else not go out tonight--first Friday of the month? Why the fuck not? There's lots a spenders out and about, ones brimming with good economic news (bankster beatdown in court (based on no more than a complaint, which I'm sure I missed because I'm lazy)) and good economic numbers ({["8.2%]}) EOM.
Feb 3, 2012 at 10:08 PM | Unregistered CommenterCheyenne
I'm staying in. But I'm dealing with a problem on the website. I can't post a story with a link in it - the system is redirecting all links to 'page not found' within the site even though the links go to outside websites. It's fucking maddening. Luckily it is only affecting links inside stories and not in the comments.

But as long as you are quoting today's unemployment numbers, read this:

http://www.washingtonsblog.com/2012/02/contrary-to-government-claims-of-243000-jobs-created-almost-1-million-jobs-were-actually-lost-in-january.html
Feb 3, 2012 at 10:37 PM | Registered CommenterDailyBail
I hadn't seen that, but it obviously tracks what Dr. Tyrell, er, Karl Denninger, said about the situation, which he also said a month ago. I think zerohedge posted it after GW, but I give way less of a shit about that than -3.5 line. You never fucking know what those Vegas guys are thinking, which is exactly why they're taking your B.R.

Two straight months of FAKE and surprising headline economic numbers right now? Why, it was early November when I was hearing about how banker bonuses were shithole-bound. I guess I heard wrong.
Feb 3, 2012 at 11:10 PM | Unregistered CommenterCheyenne
Hopefully this suit will gain traction, but re election financing has a funny way of making things go away...
Feb 4, 2012 at 12:01 AM | Unregistered CommenterS. Gompers
Here's something I haven't seen addressed yet. When a big bank like, say, B of A, forecloses on a property, they can easily skim off the mineral rights when that property eventually sells. Hmmmm..... nice little perk for the banksters, right?
May I offer a bit of free advice to anyone considerin­g buying/inv­esting in a foreclosur­e property?

Read your title policy very, very carefully.

Some questions you might ask yourself as you review that little gem:
1) Who owns the title company which is insuring title to the property I'm buying? (hint: might be the seller/ban­k)
2) What are my options before OR after closing if I discover the title is, um, fatally clouded? (hint: you probably have none)
3) Who does the title policy protect, me or the bank/selle­r? (hint: if the bank owns the company that wrote the title policy, what do you think?)
3) Will the mineral rights convey to me with the property?

I'd love to hear from some people with real experience in this area. I'm just a homeowner fighting for my life out here, and I'm trying to figure out the bank's end game in all of this. Following the money led me down this dark little side street....­....
Feb 4, 2012 at 9:29 AM | Unregistered CommenterMontana5
@Montana5,

Good question regarding mineral rights. I saw Enron doing that just before they went under (especially with water rights).

http://www.bartcop.com/820enron.htm

The current push for offshore wind leases begs the same question regarding mineral (oil and gas) rights. The same may also be applicable to onshore wind projects as well.
Feb 4, 2012 at 9:40 AM | Unregistered Commenterjohn
("The criminal charges need to start happening. The economy will not heal untill a whole bunch of these guys are in prison for long terms.")

Harry is right, nothing is going to change until the criminals on Wall Street and their coconspirators in the Federal Government and it's agencies are are investigated, charged, and prosecuted.

These lawsuits by state attorney generals are as meaningless as Obama's campaign promises. The criminal actions of the banks, their loan service's, and others involved are going to be buried under a deep layer of well distributed cash with some other benefits like future employment and extra low interest loans. Maybe they pay a few paltry fines while they keep moving right along with business as usual, screwing the crap out of middle class here and abroad.

I expect after the elections in November, one of the first acts of Congress will be to legalize fraud as a financial industry business practice and make MERS the real estate equivalent of the FED.
Feb 4, 2012 at 2:56 PM | Unregistered CommenterSagebrush
Greece revolution update for Fellow Americans

Statement by the Occupied Athens Law School, February 9: “In order to liberate ourselves from debt we must destroy the economy”

greek original

http://www.occupiedlondon.org/blog/2012/02/10/statement-by-the-occupied-athens-law-school-february-9-in-order-to-liberate-ourselves-from-debt-we-must-destroy-the-economy/

Greek union wants to arrest officials
http://www.iol.co.za/business/international/greek-union-wants-to-arrest-officials-1.1231873
Greek union wants to arrest officials
Feb 10, 2012 at 4:47 PM | Unregistered CommenterKen
Feb 14, 2012 at 5:37 PM | Registered CommenterJohn
Lehman Brothers Subpoenas Geithner In JP Morgan Fight

http://stopforeclosurefraud.com/2012/02/17/kaboom-lehman-brothers-subpoenas-treasury-secretary-tim-geithner-in-jp-morgan-fight/

[SNIP]

Lehman Brothers Holdings Inc. (LEHMQ) and its creditors late Thursday said they want to subpoena Treasury Secretary Timothy Geithner to question him under oath over allegations J.P. Morgan Chase & Co. (JPM) illegally siphoned billions of dollars from the collapsing investment bank in the days before it filed for the largest bankruptcy in U.S. history.
Feb 17, 2012 at 5:34 PM | Registered CommenterJohn
FEDERAL RESERVE FRAUD and Our Proven Criminal Banksters in USA

Lord James of Blackheath: Mystery 15 Trillion Dollars Transferred to HSBC For Royal Bank of Scotland Connected to JP Morgan and Federal Reserve
Lord James of Blackheath FOUNDATION X UPDATE February 16 2012
http://www.youtube.com/allmoderncons
Feb 20, 2012 at 9:19 PM | Unregistered CommenterKen
JPMorgan says may face SEC action on mortgage bonds

http://www.reuters.com/article/2012/02/29/us-jpmorgan-disclosure-idUSTRE81S1JY20120229

[snip]

The largest U.S. bank, in a regulatory filing on Wednesday, said Securities and Exchange Commission staff told the company in January that they may recommend the commission bring cases against the company.

One possible case involves the bank's scrutiny and disclosure of facts behind two sets of mortgage securities, JPMorgan said.

A second investigation involves loans used in mortgage securities created by Bear Stearns, the investment bank that collapsed and was sold to JPMorgan in 2008.

The JPMorgan statements, included in an annual filing to the SEC, follow similar disclosures on Tuesday by Goldman Sachs Group Inc and Wells Fargo & Co.
Mar 1, 2012 at 5:49 AM | Registered CommenterJohn
Still check in here to see whats up with Daily Bail, looks pretty static for now. Here's some fun MERS bashing for ya DB if your out there.

THE MEN FROM MERS

http://www.foreclosurehamlet.org/profiles/blogs/the-men-from-mers

WARNING! THIS IS NOT A TEST. PLANET EARTH HAS BEEN INVADED. DO NOT RESIST.

"I am sorry to inform you Klaatu; We are entirely capable of destroying ourselves. In fact, we are well on our way. Progress is ahead of schedule. We are ignoring this message and returning to our regularly scheduled distractions...thanks for coming."

It's not really funny. court filings embedded at hamlet link. BoA scum and foreclosure mill defies Fed court order, sells home at auction. Good part is - homeowner's attorney is going to beat their brains out.
Mar 17, 2012 at 4:21 PM | Unregistered Commenterchunga
Chunga, died you see the reuters story about the whistleblowers payoff?

http://www.reuters.com/article/2012/03/14/us-settlement-whistleblowers-idUSBRE82D1G620120314

Thanks for the update.
Mar 17, 2012 at 8:08 PM | Registered CommenterJohn

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