Bank of America, JPMorgan Chase, and three other residential servicers agreed to pay $25 million to New York State to resolve certain monetary claims over the use of the MERS database after reaching a $25 billion national settlement on robo-signing charges.

New York Attorney General Eric Schneiderman sued BofA, JPMorgan Chase, and Wells Fargo in February over their use of the electronic mortgage registry known as MERS, accusing the lender/servicers of deceiving homeowners and conducting improper foreclosures.

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