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Friday, December 2, 2011
News Another foreclosure lawsuit for BofA, other big banks
Posted By Rhiannon Fionn on Fri, Dec 2, 2011 at 11:40 AM
According to The Boston Globe, Massachusetts' attorney general is suing the big banks for, in part, "rushing to foreclose on homeowners without following the rule of law."
Here's more:
Massachusetts Attorney General Martha Coakley today sued five major US banks for allegedly illegally seizing properties, filing fraudulent foreclosure documents and failing to help struggling borrowers who could have stayed in their homes if they had been allowed to make lower mortgage payments.The lawsuit, filed in Suffolk Superior Court, targets Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co, Citigroup Inc., and GMAC, a subsidiary of Ally Financial Inc. It also names the private mortgage recording company known as Mortgage Electronic Registration System, Inc. and its parent company as defendants.
“Our suit alleges that the banks have charted a destructive path by cutting corners and rushing to foreclose on homeowners without following the rule of law,’’ Coakley said. “Our action today seeks real accountability for the banks’ illegal behavior and real relief for homeowners.”
Read the rest of this article, by Jenifer B. McKim, here.
Here's a twist on the BofA foreclosure saga: a few months ago, some homeowners attempted to seize some Bank of America assets after the bank tried to foreclose on the house they bought with cash. Seriously. The Collier County, Fla., sheriff's department was instructed to go take cash out of the drawers, furniture, etc. Apparently the bank ignored the homeowners' attorney's calls and letters after a judge ruled that the bank had to pay their legal fees. Watch:
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