Massachusetts sues major banks for foreclosure practices - ContraCostaTimes.com

-

NEW YORK (AP) -- Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the "robo-signing" of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue.

The lawsuit named Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and GMAC. It was filed in Massachusetts by Attorney General Martha Coakley.

"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," Coakley said in a news conference to announce the lawsuit.

The lawsuit also named Mortgage Electronic Registration System and its parent company as defendants. The company, a mortgage registry database, has been accused of shoddy record-keeping in large numbers of foreclosure proceedings.




Massachusetts sues major banks for foreclosure practices - ContraCostaTimes.com

Comments

Post a Comment

Popular posts from this blog

Money & Company

-
Image
Stock markets around the world are tumbling on fears that the global economy is falling precipitously and that U.S. and European lawmakers are unable to stop the bleeding. The market is at risk of the biggest weekly drop since the depths of the global financial crisis in 2008. As of 10:40 a.m. PST, the Dow Jones industrial average was down 425.22 points, or 3.8%, to 10,699.62. That followed a 2.5% drop on Wednesday. The Standard & Poor’s 500 index is off 39.09 points, or 3.4%, to 1,127.67. The U.S. declines followed sharp drops overnight in European and Asian markets, most of which fell about 5%. The worldwide sell-off followed the Federal Reserve's announcement Wednesday that it is rejiggering its holdings of Treasury bonds in its latest bid to spur the economy by lowering interest rates on everything from home mortgages to car loans. Many analysts doubt the Fed action will have any measurable effect, and investors were spooked by the Fed's bluntly worded a
Read more

Florida GOP Takes Voter Suppression to a Brazen New Extreme | Ari Berman | Politics News | Rolling Stone

-
Image
Imagine this: a Republican governor in a crucial battleground state instructs his secretary of state to purge the voting rolls of hundreds of thousands of allegedly ineligible voters. The move disenfranchises thousands of legally registered voters, who happen to be overwhelmingly black and Hispanic Democrats. The number of voters prevented from casting a ballot exceeds the margin of victory in the razor-thin election, which ends up determining the next President of the United States. If this scenario sounds familiar, that’s because it happened in Florida in 2000. And twelve years later, just months before another presidential election, history is repeating itself. Back in 2000, 12,000 eligible voters – a number twenty-two times larger than George W. Bush’s 537 vote triumph over Al Gore – were wrongly identified as convicted felons and purged from the voting rolls in Florida, according to the Brennan Center for Justice. African Americans, who favored Gore over Bush by
Read more

Latino Growth Not Fully Felt at Voting Booth - NYTimes.com

-
Image
DENVER — The nation’s rapidly growing Latino population is one of the most powerful forces working in President Obama ’s favor in many of the states that will determine his contest with Mitt Romney . But Latinos are not registering or voting in numbers that fully reflect their potential strength, leaving Hispanic leaders frustrated and Democrats worried as they increase efforts to rally Latino support. Multimedia Voter Voices: Hector Galindo Morales Voter Voices: Hector Galindo Morales Close Video See More Videos » Graphic The Hispanic Electorate The Election 2012 App A one-stop destination for the latest political news — from The Times and other top sources. Plus opinion, polls, campaign data and video. Download for iPhone Download for Android Samantha Sais for The New York Times Barbara Gudenkauf of Nogales, Ariz., said many of her fellow Latinos felt that “their issues aren’t being addressed.” Interviews with Latino voters across the country s
Read more