BofA, JPMorgan, Wells Fargo face New York lawsuit over mortgage practices

02/3/2012 | CNNMoney

New York Attorney General Eric Schneiderman has sued Bank of America, Wells Fargo, JPMorgan Chase and the Mortgage Electronic Registration System in state court, challenging an electronic registry system that Schneiderman says helped them bypass the proper recording of property transactions. Using the system, the banks could buy and sell portions of mortgages faster, according to the lawsuit. Schneiderman says this alleged practice was an "end run" and helped banks establish "deceptive and fraudulent court submissions" and wrongly foreclose on homeowners.

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