Maybe Schneiderman will keep on the righteous path

I was worried that being appointed to Obama's Federal committee to investigate mortgage abuse would result in the NY Attorney General, Eric Schneiderman, dropping his work at the state level to bring the mortgage abusers to justice. That does not appear to be the case, as Schneiderman has brought suit against JPMorgan Chase, BofA and Wells-Fargo.  And he's been able to tie MERS into the suit.Per Bloomberg:

According to the suit, MERS eliminated the ability of the public and homeowners to track the purchase and sale of properties through the traditional public records system. That information is stored in the MERS private database, which Schneiderman called unreliable and inaccurate. The mortgage industry has saved more than $2 billion in recording fees with the system, according to the complaint. 

MERS’ conduct and the banks’ use of the system “have resulted in the filing of improper New York foreclosure proceedings, undermined the integrity of the judicial process, created confusion and uncertainty concerning property ownership interests and potentially created clouds of title on properties throughout the state of New York,” the state said.