Clerks: MERS Scheme costing millions

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Clerks: MERS Scheme costing millions

Clerks: MERS Scheme costing millions

The Advocate-

A majority of Louisiana’s district court clerks want a federal judge in Baton Rouge to help them end banking practices they allege have cost them more than $450 million in fees on real estate transactions.

The number of Louisiana state district clerks alleging a racketeering conspiracy by large banks and mortgage companies has jumped from 29 when the lawsuit was filed in April to 47 now. And the big-dollar dispute expanded Monday, when lawyers who represent the clerks filed a similar suit in Texas on behalf of 11 counties.

The clerks in both states allege a racketeering conspiracy by lenders who are members of sister firms Mortgage Electronic Registration Systems Inc., or MERS, and MERSCORP Inc.

[THE ADVOCATE]

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