NYLawJournal.com-
More than five years ago, two worried judges on the New York Court of Appeals described the emerging electronic mortgage recording industry as a potential nightmare for consumers and local governments, and urged the Legislature to make sure old statutes conformed to modern realities.
But nothing was done in Albany, and the concerns raised by then Chief Judge Judith S. Kaye and current senior associate Judge Carmen Beauchamp Ciparick are now allegations in a lawsuit Attorney General Eric T. Schneiderman filed last week targeting the Mortgage Electronic Registration System (MERS) and the financial industry that created and uses it.
In recent days, as settlement discussions in the nationwide mortgage servicing agreement intensified, the banks demanded the elimination of the MERS claims as a settlement condition, but Mr. Schneiderman refused to yield.
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