Every state in the Union should do the same as Massachusetts, suing the conglomerates who received huge bailouts from the Federal government paid for on the backs of the American Middle class. Bailouts which did not result in any funds being made available to the public, a public that could have used these monies to get mortgages more in line with their current home values, renegotiations that could have led to affordable house payments. Instead these banks executives used their bailout monies for raises and bonuses, bonuses that were in amounts ranging from hundred of thousands of dollars to millions! These people should have been out of a job, rather then buying new homes, new adult play toys, and enjoying the elitist’s life! They enjoy “Good Life” while the foreclosures continue, irrespective of slight irregularities to the law, because they are exempt to the law! Only the middle class and poor are held to the strict letter of the law. This must change.
Massachusetts is suing five major banks including Bank of America Corp. and JPMorgan Chase & Co. over deceptive foreclosure practices.
The lawsuit also names Wells Fargo & Co., Citigroup Inc., and Ally Financial. It was filed in Massachusetts Wednesday by Attorney General Martha Coakley.
The complaint also names Mortgage Electronic Registration System, Inc. and its parent company as defendants.
The lawsuit is seeking redress for what Coakley calls "unlawful and deceptive" conduct in the foreclosure process, including unlawful foreclosures, false documentation, robo-signing, and deceptive practices related to loan modifications.