“The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages. 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,” said Attorney General Schneiderman.…
Schneiderman joins Biden, Catherine Cortez Masto, Lisa Madigan and Martha Coakley with active lawsuits that touch on the post-bubble conduct that a foreclosure fraud settlement would release liability for, at least with respect to the big banks.
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