Bank of America is getting slapped with another lawsuit by Dallas County, that if successful could be a harbinger for many similar suits to come, Bloomberg News reported. Meanwhile, according to Reuters, the bank — the largest in America — is selling off $880 million of U.S. real estate assets to a group of investors comprised of Square Mile Capital Management, Invesco and Canyon Capital Realty Advisors.
The lawsuit names BofA and MERS, an electronic system for processing mortgages that acts as the lender’s nominee and becomes the mortgagee, provided that the loan was originated by one of the financial institutions that owns MERS. Those include Citigroup, JPMorgan Chase, the Mortgage Bankers Association, American Land Title Association, Freddie Mac and Fannie Mae. … [more]