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Tag Archives: mers

N.Y. attorney general sues banks in foreclosure effort

ALBANY, N.Y.— New York’s attorney general on Friday accused some of the nation’s largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures while saving banks over $2 ...

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Cease-and-desist orders issued against 8 mortgage bankers

The Office of the Comptroller of the Currency issued cease-and-desist orders Wednesday against eight national mortgage bankers, including Bank of America, PNC and Wells Fargo, for “unsafe and unsound” practices dealing with residential mortgage foreclosures. The banks agreed to the ...

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Senate panel takes up MERS bill, others

ANNAPOLIS — An influential Senate committee heard testimony from homeowners’ and lenders’ attorneys Wednesday on three bills designed to make it easier for borrowers facing foreclosure to discover who owns their loans before it is too late. One of the ...

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Md. Senate Judicial Proceedings Committee to take up MERS bill

The state Senate Judicial Proceedings Committee on Wednesday will consider legislation to make clear that the lending industry’s electronic home-loan database is simply that: a database, and not the mortgagee who holds the homeowner’s loan. The bill seeks to end ...

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Legislating limits on Mortgage Electronic Registration System

The lending industry launched the Mortgage Electronic Registration System in 1997 to be a centralized database to streamline the transfer of home loans among investors while making it easier for borrowers to keep track of who owns their loans. But ...

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