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BofA reaches $335 million settlement over mortgages, MERS | Reuters

Bank of America

They said the Charlotte, North Carolina-based lender knew it could not raise enough capital had it revealed it might have to buy back billions of dollars of securities backed by risky loans, including from the former Countrywide Financial Corp.

Shareholders also said the bank knew that record keeping 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.

MERS was established in 1995 to circumvent the often cumbersome process of transferring ownership of mortgages and recording changes with county clerks.

via BofA reaches $335 million settlement over mortgages, MERS | Reuters.

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