Massachussets AG Martha Coakley today filed suit agains MERS and 5 TBTF banks including JP Morgan over mortgage fraud and illegal property seizures.
Don't expect the banks to change their procedures unless the AG's begin filing CRIMINAL charges against the high level execs responsible for these frauds, and not merely the low-level "robo-signers" who committed the dirty work.
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.