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Massachusetts sues major banks over unlawful foreclosure practices such as robo-signing

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posted on Dec, 1 2011 @ 02:56 PM

NEW YORK (AP) — Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the "robo-signing" of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue.

The lawsuit named Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and GMAC. It was filed in Massachusetts by Attorney General Martha Coakley.

"We have two clear goals with this lawsuit — one is to provide for real accountability for the role the banks have played in unlawful and illegal foreclosures, and secondly to provide for real and enforceable relief for the harm that the misconduct has caused," said Coakley in a press conference to announce the lawsuit.

The lawsuit also named Mortgage Electronic Registration System, Inc. and its parent company as defendants. The company, a mortgage registry database, has been accused of shoddy record-keeping in large numbers of foreclosure proceedings.

This is great news!

I also added this comment to page six of this thread regarding Mass. voiding foreclosure sales from the past five years. This is just another development, but felt that it needed its own thread.
Here is the thread from Iamonlyhuman:

Here is a thread I posted last week about investigations underway nation wide regarding foreclosures:

I am getting so excited about all of this I can barely contain myself.

I can't wait to see how this all pans out. I'm sure it won't be long before other states follow suit (no pun intended). I wish Florida would be next, but Pam Bondi, our wonderful Attorney General, is currently under investigation for firing her investigators who discovered the robosigning. Bondi needs to resign.
Here's a thread about that:

edit on 1-12-2011 by Afterthought because: (no reason given)

edit on 1-12-2011 by Afterthought because: (no reason given)

posted on Dec, 1 2011 @ 03:05 PM
Great post!

But they should be going after the Fed in my opinion. The Fed is the acting parent of the banks named in the lawsuit, it provides them with the power to corrupt.

If the Fed were to be shut down, these other banks would fall harder and faster than Lehman.

But it's great to see a state, such as Mass. to take initiative in this front line battle.


posted on Dec, 1 2011 @ 03:08 PM
Here's another article regarding this:

In April, 2011, the Office of the Comptroller of the Currency, which regulates national banks, issued a report after reviewing foreclosure practices at eight of the largest mortgage servicers. The report cited "inadequate policies, procedures, and independent control infrastructure covering all aspects of the foreclosure process."

The OCC ordered the companies to take steps to correct "inadequate quality control and audit reviews to ensure compliance with legal requirements, policies and procedures," inadequate organization and staffing, "foreclosure documents ... executed under oath, when no oath was administered," and "notary practices which failed to conform to state legal requirements."

The above statement is associated with the thread I did about the investigation and how the OCC is a supporting entitiy.

Things must change and I'm happy to see things are working against the banksters and their white collar criminal activities. THEY ARE NOT ABOVE THE LAW!!!!!
edit on 1-12-2011 by Afterthought because: (no reason given)

posted on Dec, 1 2011 @ 03:09 PM
reply to post by goldcoin

It seems as though the Fed has decided to turn a new leaf. In my thread regarding the investigation, they have joined with the OCC (Office of the Comptroller of the Currency) to investigate all major banks and mortgage holders. This is going to get exciting, so get your popcorn ready!

Edit to Add: I believe suing the major banks is the only way for the Fed to save their skin at this point in time.
edit on 1-12-2011 by Afterthought because: (no reason given)

posted on Dec, 1 2011 @ 03:26 PM
It seems as though this has been in the works since September.

The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.

The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.

If someone has done a thread on this, please feel free to add the link to this thread.

It appears that the Fed is scared. The Fed most likely had a hand in the mortgage meltdown and is now trying its damnedest to come through the sewer smelling like a rose. We'll have to wait and see what happens.

It would be a dream come true to see the banksters wearing cement shoes since they were so good at fitting them on American citizens.

posted on Dec, 1 2011 @ 05:25 PM
reply to post by Afterthought

YEAH Massachusetts!!! Brava!

'Bout time. ....and great catch. S&F&

posted on Dec, 1 2011 @ 06:20 PM

"Fannie/Freddie halt foreclosures for the holidays"

Happy holidays struggling homeowners! Fannie Mae, Freddie Mac and several large mortgage lenders have pledged not to foreclose on delinquent borrowers during the Christmas season.

Gee! I wonder why? The article makes it seem as though they're doing this out of the goodness of their cold, stony hearts, but I'm going to guess that the real reason is because of the law suits and investigations we're now seeing.

Enjoy that coal in your stockings, banksters!

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