Monday, October 31, 2011

NY, Delaware AG 'Tag Team' Partners Begin Firing At MERS With Civil Lawsuit, Subpoena Request In Foreclosure Fraud Probe

Reuters reports:

  • MERS, the electronic mortgage registry used by the banking industry, was sued by Delaware on Thursday and accused of deceptive practices that led to unlawful shortcuts in dealing with the foreclosure crisis.

  • New York's attorney general also took action against MERS, subpoenaing the registry this week for information about how it is used by major banks and a foreclosure law firm, a person familiar with the matter said on Thursday.

  • The suit and subpoena were part of a joint New York-Delaware mortgage probe, the person told Reuters.

For more, see MERS subpoenaed by New York, sued by Delaware.

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