Bank of America Corp. (BAC) is expected to face lawsuit filed from Nueces County Texas. The suit filed was for government fees avoided by Bank of America by using MERS (Merscorp Inc) to track property transactions.
U.S. District Judge Nelva Gonzales Ramos said that the case should go on trial. Most of the claims of Nueces County states that Bank of America and other member of MERS (Merscorp Inc) created chaos in the local property record system.
Ramos said, "The who, what, where, when and how of a scheme to circumvent Texas recording law, which resulted in the allegedly fraudulent filing of hundreds or potentially thousands of documents."
A US $10,000 fee is set for each claim against the bank and MERS. These claims are for unjust enrichment, fraudulent misrepresentation and damages.
Nueces Country claims that it was cheated out of the fees that it could have earned for each time a deed was recorded after the property changed hands. The country claims that the properties bundled in the mortgage securities may have traded multiple times without their knowledge. Merscorp Inc (MERS) is the electronic tracking system used in the process.
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