Bank of America CEO, ex-CEO must face mortgage disclosures lawsuit, MERS Poor Record Keeping

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Bank of America CEO, ex-CEO must face mortgage disclosures lawsuit, MERS Poor Record Keeping

Bank of America CEO, ex-CEO must face mortgage disclosures lawsuit, MERS Poor Record Keeping

Reuters-

A federal judge has revived a securities fraud lawsuit accusing Bank of America Corp Chief Executive Brian Moynihan, his predecessor Kenneth Lewis, and others of misleading shareholders about the risk the bank might have to buy back large amounts of soured mortgages.

[…]

They claimed that Bank of America knew at the time it faced capital shortfalls and large mortgage buybacks, and that recordkeeping in Merscorp Inc’s private Mortgage Electronic Registration Systems registry was so poor that it would not be able to legally foreclose on thousands of delinquent mortgages.

Mortgage finance giants Fannie Mae and Freddie Mac and several large banks had established MERS in 1995 to circumvent the often unwieldy process of transferring ownership of mortgages and recording changes with county clerks.

[REUTERS]

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