Massachusetts AG Sues Major Banks Over Forclosure Processes
Coakley, citing "unlawful and deceptive conduct," files suit against Bank of America, Wells Fargo and three others.
| Posted Thursday, Dec. 1, 2011, at 12:53 PM
Photo by Saul Loeb/AFP/Getty Images
Massachusetts Attorney General Martha Coakley is suing Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co, Citi, and Ally Financial over their housing foreclosure practices.
The Boston Globe’s Business Updates blog quotes a news release from Coakley’s office with more details: "The AG’s lawsuit seeks accountability for the banks’ unlawful and deceptive conduct in the foreclosure process, including unlawful foreclosures, false documentation and robo-signing, MERS, and deceptive practices related to loan modifications."
Coakley announced a month ago that she had lost confidence in the possibility for successful negotiations between lenders and a multi-state alliance of AGs looking to address concerns related to "sloppy" practices during foreclosure proceedings.
The suit also lists Mortgage Electronic Registration System Inc. and its parent, MERSCORP Inc. as defendants.
