Monday, October 10, 2011

Bay State AG Gives 'Thumbs Down' On 50-State AG Foreclosure Fraud Probe; Begins Preparing Troops, Loading Up Litigation Artillery

Bloomberg reports:

  • Massachusetts Attorney General Martha Coakley said she may sue major banks after she “lost confidence” that they will reach an adequate agreement to resolve disputes over foreclosure practices.


  • I have lost confidence that the banks will bring to the table an agreement that properly holds them accountable for wrongful foreclosures,” Coakley, 58, said in a statement today. “Because our office for some time has anticipated that result, we have begun preparing for litigation.”

  • California Attorney General Kamala Harris said last week that she was rejecting a proposed settlement with the banks and would pursue her own mortgage investigation, according to a letter she wrote to the U.S. Justice Department and Iowa Attorney General Tom Miller, who is leading talks for the states.

    State Probes

  • New York Attorney General Eric Schneiderman, Delaware Attorney General Beau Biden and Nevada Attorney General Catherine Cortez Masto are also conducting mortgage-related investigations as settlement talks with the banks continue.

For more, see Massachusetts Attorney General Cites ‘Lost Confidence’ in Banks, May Sue.

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