Not even close to how a family who is evicted in the cold!
Reuters Legal-
One of the last stumbling blocks to the $25 billion nationwide mortgage settlement formally announced Thursday was the suit New York Attorney General Eric Schneiderman filed last week against Bank of America, JPMorgan Chase, Wells Fargo, and the Mortgage Electronic Registration Systems. As my tireless Reuters colleagues Aruna Viswanatha, Karen Freifeld, and Rick Rothacker reported Wednesday night, the five banks in the nationwide deal — three of which are defendants in Schneiderman’s MERS suit — pressured Schneiderman to drop his case, arguing that the national settlement resolves some of the allegations the AG’s suit raises. Schneiderman refused.
Indeed, when the settlement was announced this morning, claims against MERS were explicitly carved out; state attorneys general can go ahead with suits against the mortgage registry. MERS is as exposed as a kid locked out of the house without a coat in a snowstorm.
That’s significant because of a potentially multi-billion-dollar theory posited in MERS suits by the Massachusetts and Delaware AGs, as well as in a class action Bernstein Leibhard filed on behalf of Ohio county governments.