California Real Estate Fraud Report

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Massachusetts AG Coakley Files Suit against 5 Banks

Firing a shot across the bow of efforts by large banking institutions to settle complaints of robosigning and forcing homeowners into foreclosure when the foreclosing bank did not hold the actual mortgage, Massachusetts Attorney General Martha Coakley filed suit against five of the largest banking institutions.

The five banks are Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and GMAC. AG Coakley’s move is another dagger into the efforts of the banks to craft a settlement with the attorneys general of all 50 states. California’s Attorney General Kamala Harris left the table several months ago after concluding that the settlement offer by the banks was insufficient to provide relief to homeowners who were harmed. The attorneys general for New York, Delaware and Nevada have also indicated that they want more time to investigate the actions of the banks before committing to any settlement numbers.

In April, the Office of the Comptroller of the Currency, an agency that operates under the US Treasury and that regulates national banks, reviewed the foreclosure politices of the country’s largest mortgage servicers. The OCC then wrote a report that concluded the servicers employed “inadequate policies, procedures, and independent control infrastructure covering all aspects of the foreclosure process.”

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© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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