Ka-BOOM! BofA shareholders may pursue lawsuit over MERS, mortgages

Categorized | STOP FORECLOSURE FRAUD

Ka-BOOM! BofA shareholders may pursue lawsuit over MERS, mortgages

Ka-BOOM! BofA shareholders may pursue lawsuit over MERS, mortgages

After all these years, I have been curious to know what relationship if there is any exists with MERS and the trusts?


Reuters-

A federal judge refused to dismiss a lawsuit accusing Bank of America Corp (BAC.N) of misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS.

U.S. District Judge William Pauley in Manhattan said shareholders led by a Pennsylvania school pension fund may pursue securities fraud claims against the second-largest U.S. bank to recover billions of dollars of alleged losses.

Pauley said the allegations raised a “strong inference” that Bank of America intended to mislead about its reliance on the registry, vulnerability to mortgage buyback claims, internal controls and compliance with accounting and securities rules.

[REUTERS]

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