State charges foreclosure, lending fraud by giant lenders
By adamg on Thu, 12/01/2011 - 11:19pm
Attorney General Martha Coakley today announced a lawsuit against five large banks and mortgage companies, alleging they falsified documents, seized property they had not right to, lied to borrowers about refinancing programs and attempted to circumvent state property registration laws by using a private clearinghouse - which is also named in the complaint.
The suit, filed in Suffolk Superior Court, names Bank of America, Wells Fargo, JP Morgan Chase, Citi, GMAC and the Mortgage Electronic Registration System.
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Good on Coakley
This is very bad news for the big banks. They haven't done their due diligence and very often don't even have the paperwork stating what their computers are telling them they own. It's a mess in most large financial firms as they kept bad management and tried cost cutting corners at every turn.
Get the popcorn ready.
Wonder if a this will pull in the auditing firms too that routinely looked the other way. Ironmountain's going to be busy too trying to find incorrectly filed documents.
Interesting
So what office is she going to make an impotent run at this season?
Martha is still alive?
Martha is still alive?