22 banks that do business in southern Illinois have been sued for allegedly failing to record the sales of mortgages with the county recorder. IPR's Rachel Lippmann reports on the suit filed today in St. Clair County.
The defendants include national giants like Bank of America, and local operations like Bank of Collinsville. St. Clair County state's attorney Brendan Kelly alleges that the banks conspired to record their mortgage sales on a private network known as MERS, rather than with the St. Clair County recorder. The suit says the information on MERS is not easily available to the public, and is often inaccurate.
"You could have a homeowner that owes money and a foreclosure could be initiated if they're late, and they donít really know who they're supposed to pay. There's a whole bunch of scenarios in where that's very, very important to know who could potentially take legal action against you."
Kelly says the suit is also about ensuring that all property owners pay the fees that are needed to fund the recorder's office.
Read the complaint
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