Could the dominoes start finally fallin, don't walk under any tall buildings bodies may be descending!!!
Just caught this at Reuters, there's really not much meat in the newly posted announcement, I'll see if I can find some more with some real information.
But apparently this comes after a year of negotiations with the banks.
Reuters has updated the original with a 'first update' at link.
Dec 1, 2011 - The Massachusetts attorney general has filed a lawsuit against five large U.S. banks accusing them of deceptive foreclosure practices, such as robo-signing. read abit more>>>
From yahoo finance there's a longer version with some more information:
1 December 2011 - The lawsuit was filed in state court in Boston on Thursday against Bank of America Corp, JPMorgan Chase & Co Inc, Citigroup Inc, Wells Fargo & Co and Ally Financial Inc.
In October, Attorney General Martha Coakley said she was preparing to sue over unlawful foreclosures because she had lost confidence that a settlement could be achieved holding banks responsible for wrongful foreclosures.
Coakley's office said the lawsuit was filed after more than a year of negotiations between the banks and all 50 states.
In Coakley's lawsuit, the mortgage servicing units of the five banks are accused of taking shortcuts in dealing with a deluge of foreclosures following the 2008 financial crisis. read more>>>
Seems they were looking for a settlement in all 50 states.
A few other sites reporting same or similar right now.
Might as well bring a better inside right from Boston:
December 01, 2011 - Massachusetts Attorney General Martha Coakley said today that she has filed suit against five major US banks for allegations related to mortgage fraud and unlawful property seizures.
Coakley said she will hold a press conference at 1 p.m. today to detail the suit against Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co, Citi, and Ally Financial.
The suit, filed in Suffolk Superior Court, also names the private company Mortgage Electronic Registration System Inc. and its parent, MERSCORP Inc., as defendants, according to the attorney general’s office.
“The AG’s lawsuit seeks accountability for the banks’ unlawful and deceptive conduct in the foreclosure process, including unlawful foreclosures, false documentation and robo-signing, MERS, and deceptive practices related to loan modifications,’’ the news release from Coakley’s office said. read more>>>
The facts of should be coming out at this press conference mentioned above.
No Video yet of Press Conference but CNBC has this report with some more details as to other states as well:
Newer reports coming online are following a fall on the street with bank stocks leading it!
Just posted after the press conference:
1 December 2011 - Massachusetts's Attorney General Martha Coakley decided not to wait any longer for the other Attorneys General and the banks to hammer out a nationwide foreclosure settlement.
Coakley, who said in August she was among those Attorneys General who wanted to continue their own probes, announced she is suing Bank of America, JPMorgan, Wells Fargo, Citigroup and Ally Financial.
The lawsuit also names Mortgage Electronic Registration System, Inc. and its parent, MERSCORP Inc, as defendants.
The 60-page complaint alleges the banks engaged in unlawful and deceptive conduct in the foreclosure process, including unlawful foreclosures, false documentation and robo-signing.
The Attorney General said this is the first lawsuit to seek "real relief" for the 45,000 homeowners who were foreclosed upon in Massachusetts.
By relief, she said she wants accountability from banks in their servicing standards, restitution and loan modifications for homeowners.
Coakley said the banks "failed to come to the table," so that's why she's going after them. >>