Massachusetts AG Files Suit Against Banks For Deceptive Practices During Foreclosure Crisis

Massachusetts Attorney General Martha Coakley (D) has filed the nation’s first lawsuit against national banks involved in the foreclosure crisis, she announced at a press conference today. Coakley filed suit against five major banks — Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial — alleging that the banks engaged in “unlawful and deceptive” foreclosure practices, including robo-signing, unlawful foreclosures, false documentation, and deceptive practices related to loan modifications. “Every day this goes by, people are being unnecessarily foreclosed upon, and it just makes no sense,” Coakley said today. “This is the only way we think we can get relief for homeowners.”