Several American banks sued over a misuse of MERS

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Source: Bloomberg
Bank of America, JP Morgan Chase &Co  and Well Fargo & Co was sued over use of property loan database by Eric Schneiderman, Attorney General of New York. According to Schneiderman, the lenders' use of database (MERS) led to inadequate foreclosures. Banks are accused of misleading home-owners, undermining foreclosure proceedings and creating uncertainty about proprietorship interests in real estate. 

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Mon, 06 Feb 2012 11:05:46 GMT

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