Bank of America Lawsuit and Ford Motor S. Korea Deal Catalysts for High Stock Volume Feb 3rd

Bank of America Corp (NYSE:BAC): Attorney General Eric T. Schneiderman filed a lawsuit against several of the nation’s largest banks charging that the creation and use of a private national mortgage electronic registry system known as MERS has resulted in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process. The lawsuit asserts that employees and agents of Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), and Wells Fargo (NYSE:WFC), acting as “MERS certifying officers,” have repeatedly submitted court documents containing false and misleading information that made it appear that the foreclosing party had the authority to bring a case when in fact it may not have.” The lawsuit further asserts that the MERS System has effectively eliminated homeowners’ and the public’s ability to track property transfers through the traditional public records system.

Ford Motor Company (NYSE:F): Ford is looking to increase exports of new vehicles to South Korea this year by 50% in the wake of a free trade deal, the Detroit News reports.

Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com