See the full story at http://www.bloomberg.com/news/2012-02-03/bank-of-america-jpmorgan-chase-wells-fargo-sued-by-new-york-over-mers.html.

Favorite line from the story: "The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages,” Schneiderman said in a statement. “Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions.”

B of A in trouble YET AGAIN for not only screwing the public but also breaking the law to do so.