Massachusetts Attorney General Martha Coakley is suing five of the nation’s largest banks over alleged “unlawful and deceptive conduct” in the foreclosure process, the Boston Herald reports.
Coakley today filed what she’s calling the “nation’s first comprehensive lawsuit” against Bank of America, JP Morgan Chase, Citi and Ally Financial over alleged unlawful foreclosures and other supposed wrongdoing. The Suffolk Superior Court lawsuit also names the industry’s Mortgage Electronic Registration System, or MERS, as a defendant.
Coakley and her counterparts in other states around the country have been probing the banking industry for more than a year over allegations of major problems with mortgage and foreclosure paperwork.
While the two sides had been negotiating a possible multibillion-dollar, out-of-court settlement, Coakley announced last month that she had lost confidence the talks would resolve the issue...
Read more at http://bostonherald.com/business/real_estate/view/2011_1201mass_sues_five_big_banks_over_foreclosure_mess
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