Massachusetts Files First State Lawsuit Over Robo Signing Foreclosures

“After a year of fruitless negotiations between major U.S. banks and the nation’s state attorneys general, Massachusetts has filed the first major lawsuit over so-called “robo-signing” foreclosure processing'” CNBC News reported today.

“Attorney General Martha Coakley filed suit against Bank of America , JP Morgan ChaseĀ , CitiĀ , Ally Financial and Wells Fargo, as well as the MERS corp (Mortgage Electronic Registration System, Inc.)”

“The Attorney General alleges these five entities, “engaged in unfair and deceptive trade practices in violation of Massachusetts’ law by: Pervasive use of fraudulent documentation in the foreclosure process, including so-called “robo-signing”, foreclosing without holding the actual mortgage, corrupting Massachusetts land recording system through the use of MERS, and failing to uphold loan modification promises to Massachusetts homeowners.”

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