NY AG Schneiderman slaps a new lawsuit on Bank of America (BAC), JPMorgan (JPM), and Wells Fargo...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

NY AG Schneiderman slaps a new lawsuit on Bank of America (BAC), JPMorgan (JPM), and Wells Fargo (WFC), charging them with "deceptive and fraudulent" foreclosure proceedings through MERS - the national mortgage electronic registry. "The banks created the MERS system as an end-run around the property recording system," he says. (PR)