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BofA, Wells Fargo, MERS Named in Massachusetts AG Lawsuit

Bank of America and Wells Fargo are named in a new lawsuit that accuses the companies of deceptive foreclosure practices. Massachusetts Attorney General Martha Coakley filed the suit, which also names Citigroup, JPMorgan Chase, and Ally Financial. The suit accuses the banks of unlawful and deceptive conduct including false documentation, robo-signings, and certain practices related to loan modifications. The Mortgage Electronic Registration Systems, or MERS, and its parent company are also named as defendants. MERS is a database created by banks that is linked to more than half of all U.S. home mortgages and is facing several foreclosure-related lawsuits. WFAE has reported on the controversy surrounding MERS. Most recently, News Director Greg Collard reported that some local governments in different parts of the country have sued MERS to recover recording fees. Other WFAE stories on the topic of MERS: Banks' MERS Database Stirs Concern, But What Is It Exactly? County Registers Seek Recording Fees From Mortgage Industry To Fight MERS, Registers Pull Money From Big Banks