Mass. AG Blasts Foreclosure Talks, Preps Bank Suits

Law360, New York (October 5, 2011, 5:23 PM EDT) -- Massachusetts Attorney General Martha Coakley said Wednesday that her office was preparing to file lawsuits against major U.S. banks over unlawful foreclosure practices, signaling she was dissatisfied by multistate efforts to reach a settlement.

U.S. states and the U.S. Department of Justice are accusing the country's five largest mortgage servicers — Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Ally Financial Inc. and Wells Fargo & Co. — of foreclosing on mortgages without following proper procedures.

“I have lost confidence that the banks will...
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