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Reply #58: Massachusetts Announces First Comprehensive Lawsuit Against Major Banks [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 08:23 AM
Response to Reply #57
58. Massachusetts Announces First Comprehensive Lawsuit Against Major Banks
Edited on Fri Dec-02-11 08:29 AM by Demeter
http://www.nakedcapitalism.com/2011/12/massachusetts-an...

The Massachusetts Attorney General has announced a major lawsuit against the biggest banks in the foreclosure game, namely Bank of America, JP Morgan, Citigroup, Wells Fargo, GMAC (now Ally) as well as MERS and its parent MERSCorp.

It seeks accountability for violations in the foreclosure process, including robosiging, initiating foreclosures when they were not entitled to do so, the use of MERS (both a violation of land records requirements and what amounts to unjust enrichment via failure to pay local recording fees) and deceptive practices in foreclosure (as in failing to offer modifications as required by law and would be good for borrowers).

In the press conference, Coakley described that there were numerous unnecessary and illegal foreclosures, and cited how not for profits had succeeded in obtaining loan mods, yet were unable to get mods processed for vastly larger number of similar borrowers.

She stressed how the banks didnt care about the impact of their actions on borrowers and communities, and engaged in the same sort of reckless conduct as they did in predatory mortgage lending....MORE...This is an important step forward.
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