Description New York Attorney General, Eric Schneiderman has filed suit against the Bank of America, Wells Fargo, and JPMorganChase for deceptive and fraudulent use of a private database known as the mortgage electronic registration system. Schneiderman said, "the mortgage industry created MERS to allow financial institutions to evade county recording fees, avoid the need to publicly record mortgage transfers and facilitate the rapid sale and securitization of mortgages en masse."
