YES! Massachusetts AG Files Lawsuit Against the Big Banks; Distances from Settlement Talks

[woo me with science]

Massachusetts AG Lawsuit: Five Major U.S. Banks Accused Of Deceptive Foreclosure Practices
First Posted: 12/1/11 12:02 PM ET Updated: 12/ 1/11 01:27 PM ET

WASHINGTON -- Massachusetts Attorney General Martha Coakley is suing five of the nation's biggest banks for deceptive foreclosure and mortgage modification practices, her office announced Thursday. Coakley's suit signals her formal departure from ongoing settlement negotiations between those banks, the Obama administration and a coalition of other state AGs over faulty foreclosure procedures.

"The single most important thing we can do to return to a healthy economy is to address this foreclosure crisis," Coakley said in a statement Thursday. "Our suit alleges that the banks have charted a destructive path by cutting corners and rushing to foreclose on homeowners without following the rule of law. Our action today seeks real accountability for the banks illegal behavior and real relief for homeowners."

The lawsuit, filed against Bank of America, JPMorgan Chase, Wells Fargo, Citibank, Ally Financial and the Mortgage Electronic Registration System in Suffolk Superior Court, targets banks' using fraudulent paperwork in the foreclosure process, foreclosing without actually holding the mortgage, corrupting the local land recording system and failing to uphold promises of loan modifications.

Until now, Coakley had participated in settlement negotiations led by Iowa Attorney General Tom Miller and the Obama administration....Coakley said in a Thursday conference call with reporters that Miller could still reach an agreement, "but it’s taken too long and the signals we have received are that we won’t get relief that we seek."
....
Attorneys general in California and Nevada have also distanced themselves from the settlement talks in recent months. In August sources said Coakley was among the AGs pushing for tougher treatment of the banks.


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There is a very positive pattern developing. THANK YOU, OWS! And THANK YOU, MARTHA COAKLEY, KAMALA HARRIS, and others willing to stand up to the big banks!


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[elleng]

1. Yes, VERY positive pattern!

Add Schneiderman and Biden to your names, please!