In his latest broadside against the banking industry, Attorney General Eric T. Schneiderman is alleging that the nation’s largest banks use the Mortgage Electronic Registration System, MERS, to evade public filings, shortchange localities of $2 billion in fees and compromise the interests of homeowners.
A complaint filed Feb. 3 describes MERS Inc. of Virginia, a digital mortgage tracking service, as “a shell company” established as a stealth mortgagee for banks, particularly JPMorgan Chase, the Bank of America and Wells Fargo Bank.
