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Massachusetts AG Strikes Again
JPMorgan Chase, Citigroup, Wells Fargo Must Face Claims.
[ by Howard Haykin ]
The Massachusetts attorney general sued 3 big banks by conducting invalid foreclosures over home foreclosure practices, and the state judge ruled on Friday that the allegations may go to trial. Attorney General Martha Coakley specifically accused the banks of violating state law by conducting invalid foreclosures - using fraudulent documents in home foreclosures, foreclosing without legal authority, undermining public land records and misrepresenting loan-modification programs.
Justice Judith Fabricant wrote in her opinion that invalid foreclosures resulting in properties with clouded titles may have caused harm to 3rd-party purchasers “and the real estate market as a whole, and thereby to the public.” Fabricant dismissed claims related to the registering of real estate records.
JPM, Citi, WFC, along with BofA and Ally Financial’s GMAC Mortgage, were sued last year by some of the claims in the lawsuit. They were settled as part of a $25 billion pact reached earlier this year between the banks and 49 states. [ NYPost, 12/3/12 ]
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