Houston’s County Joins Texas Suit Seeking $10 Billion From MERS, Banks
Harris County Texas, which includes the city of Houston, won a bid to join a group lawsuit seeking damages from the Mortgage Electronic Registration Systems Inc., Bank of America Corp. and Stewart Title Co.
U.S. District Judge Reed C. O’Connor allowed Harris and nearby Brazoria County (66583MF) to enter the case that could result in payouts of a much as $10 billion for all Texas counties, according to court papers filed by the plaintiffs.
The counties accuse MERS, which runs an electronic registry of mortgages, and members of the mortgage banking industry including Bank of America of filing false lien claims in the real property records of Texas counties. The suit also alleges the defendants failed “to record subsequent assignments of mortgage loans and pay the attendant filing fees.”
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