Massachusetts filed a suit against 5 major banks on December 1, 2011, over unfair and deceptive foreclosure practices. The Associated Press reported that Attorney General Martha Coakley filed the suit against Bank of America Corp., JPMorgan Chase &Co., Wells Fargo & Co., Citigroup Inc., and GMAC. The complaint named Mortgage Electronic Registration System., Inc. (MERS) and its parent company for failure to register legal transfers properly, which led to inaccuracies in Massachusetts' public land recording system.
The article reported that Coakley announced at a press conference that "We have two clear goals with this lawsuit - one is to provide for real accountability for the role the banks have played in unlawful and illegal foreclosures, and secondly to provide for real and enforceable relief for the harm that the misconduct has caused."
There had been settlement talks between the major banks and all 50 states that lingered for over a year following the housing crisis. The lawsuit filed by Attorney General Coakley will expose the banks to greater scrutiny by the court. One day after the suit was filed, GMAC Mortgage said it will cease to purchase new mortgage loans in Massachusetts but will honor its contractual obligations as a servicer and continue to serve existing customers.
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