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BROOKLYN, N.Y. (CN) - Several megabanks disguised massive mortgage fraud while dodging more than $2 billion in fees, New York Attorney General Eric Schneiderman claims in a lawsuit.
Big Banks Face Mortgage Fraud Claims in N.Y.
Seeded on Mon Feb 6, 2012 11:44 PM EST
Article Source: Courthouse News Service - By Adam Klasfeld- Enjoy this article? Help vote it up the 'Vine.
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The 47-page complaint says the banks created a shell company that served as a "bizarre and complex end-around of the traditional public recording system."
JPMorgan Chase Bank, Bank of America, Wells Fargo, EMC Mortgage Corp. and BAC Home Loans Servicing are named as the perpetrators.
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