Attorney General Files Lawsuit Against 5 Big Banks !

BOSTON —

Calling it the first of its kind in the nation, Attorney General Martha Coakley yesterday alleged in a lawsuit that five nationwide banks engaged in deceptive loan practices and pursued illegal foreclosures on Massachusetts properties.

Those banks in turn criticized Coakley for abandoning settlement negotiations.

Among the homes Coakley cites in her lawsuit is a single-family house on DeLuca Road in Milford.

The lawsuit filed in Suffolk Superior Court against Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and GMAC argues the major banks used fraudulent documentation during foreclosure proceedings, including so-called "robo-signing," and illegally foreclosed on properties without holding the actual mortgages.

Coakley also claimed the banks failed to uphold loan modification promises to Massachusetts homeowners.

Several of the banks named in the suit responded by criticizing Coakley for distracting from negotiations they are having with individual states and initiating what could be a lengthy legal proceeding that will delay relief for homeowners. A spokesman for Citigroup also denied the bank had done anything illegal.

"We continue to believe that a collaborative resolution rather than continued litigation will most quickly heal the housing market and help drive economic recovery," said Lawrence Grayson, a spokesman for Bank of America. "We're working closely with the Department of Justice, state attorneys general and other agencies to reach a fair and comprehensive solution to these critical issues."

Coakley described the lawsuit as the nation's first comprehensive legal action against the five major national banks regarding the foreclosure crisis that hobbled the country's housing market and contributed to a deep recession, affecting more than 45,000 Massachusetts homeowners.

Coakley said she had lost faith in negotiations with the banks but would not rule out signing on to an agreement if one could be reached before the lawsuit is resolved in court.

"It was the banks who were ultimately bailed out by taxpayers while individual investors and homeowners were left on their own. And whether those institutions believe they are too big to fail, they certainly have demonstrated that they believe they're too big to care about the impact of their actions," Coakley said.

Coakley is seeking civil penalties, restitution for borrowers and compensation for registration fees that were avoided, as well permanent injunctive relief to find a solution to prior unlawful foreclosures. She said she hoped to move the case "as quickly as possible," but that it would be up to the courts to set a timetable.

Coakley points to a Milford home, among others, in her lawsuit.

It contends that a Milford resident borrowed $253,600 from Sallie Mae Home Loans for a home at 22 DeLuca Road, and that before Jan. 24, 2008, Citibank filed a foreclosure complaint, claiming it was "the owner (or assignee) and holder of a mortgage with statutory power of sale given by (the Milford borrower)."

The suit says Citibank forced the property to be sold at auction on March 25, 2008, even though Citibank did not become the holder of the mortgage until May 21, 2008.

JP Morgan Chase spokesman Thomas Kelly said the bank was focused on reaching a more far-reaching settlement that would benefit homeowners around the country.

"We are disappointed that Massachusetts would take this action now when negotiations are ongoing with the attorneys general and the federal government on a broader settlement that could bring immediate relief to Massachusetts borrowers rather than years of contested legal proceedings," Kelly said in a statement.

Lew Finfer, executive director of the Massachusetts Communities Action Network, said a victory in court would help tens of thousands of homeowners facing foreclosure or who had been illegally foreclosed upon, as well as communities who have seen property values deteriorate because of foreclosures.

"This lawsuit by AG Coakley, the first against all five major banks on foreclosure violations, gives her a hammer to either compel more serious negotiations toward a good settlement, or she can proceed with the lawsuit and hopefully win a strong decision anyway," Finfer said.

Read more: http://www.metrowestdailynews.com/editorspick_mobile/x46240917/Attorney-gener...

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[Sundrumify]

Mandeville, a worth to read and please check Wiki, once said that "Justice is Blind"?! Witnessing here a good start that it is not. Hope this applies in other areas of World Politics as well. Thank YOU for uploading, dear Paul. Favorited and i will share it. Lisa

[TruthTube1111]

@Sundrumify ...And thank you Lisa for all your kind words of support :)

[baalisgod666]

When the collapse comes, I hope enough of you band together and find and lynch banksters and their wives. Find creative ways to make them scream before the end.

Cheers :)

[g1garcia3]

So it begins!  Looks like she got touched by OWS!

[MrFromminsk]

If bank is too big to fail, it is too big to exist!!!

[Cuzdcrow]

We are occupiers, we have been jailed, yet to see one banker jailed!.

Cuzdcrow/OccupyToronto

Solidarity to Worldwide Occupy's.

Nail them real criminals once and for all.

[222JAdb]

What is going on with her face at about 1:04?

[Hkhan23]

Unfortunately, the banks are more powerful then she is. We will see how long she will be the Attorny General of Mass.

[jay4louise2]

Thanks mate..interesting video.

[HUMANSAREBENEATHME]

@bucolic1 "they" and their ENTIRE families will be hunted down if they touch 1 hair on this woman's head.

[UnblockedOne2]

so? a possible small 6 figure fine if even that, that none of you will get to see. Then, the theft & looting will continue