Five Major U.S. Banks Accused Of Deceptive Foreclosure Practice

Hi Tap, things are beginning to happen.

There is a small glimmer of ‘HOPE ON THE HORIZON.’

Hey Wasp. ZIPs don’t upload on blogger. Here’s one bank for now!

Massachusetts AG Lawsuit: Five Major U.S. Banks Accused Of Deceptive Foreclosure Practice

A Lawsuit,is being 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, Attorney General Martha Coakley had participated in settlement negotiations led by Iowa Attorney General Tom Miller and the Obama administration. The talks kicked off last fall when it came to light banks were using phony documents and forged signatures — a process dubbed “robo-signing” — to foreclose on thousands of borrowers.

New York Attorney General Eric Schneiderman and Delaware Attorney General Beau Biden became outspoken critics of the talks this summer, insisting Miller sought too narrow a settlement that would release the banks from liability for too much wrongdoing. Miller’s focus has been robo-signing and mistreatment of struggling homeowners seeking modifications, but not potential fraud in the way loans were given to borrowers or sold to investors, or in the way banks use MERS to shuffle mortgage documents. The settlement would not encompass the 50 percent of all home mortgages owned by government-backed mortgage giants Fannie Mae and Freddie Mac, according to sources close to the talks. …………….

The lawsuit follows more than a year of negotiations with the banks over a 50-state settlement focused around the issues of fraudulent documents, including ‘robo-signing,'” Coakley’s office said in its release. “AG Coakley had made clear that she would not sign on to an agreement with the banks if it included broad liability release regarding MERS and other issues or if she did not believe the banks had come to the table with an offer in the best interest of Massachusetts.”




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