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Massachusetts charged JPMorgan BoA

Written by Lisa Bridges|Friday, 02 December 2011 09:40

Recently some of the big names in the banking sector were sued by the Massachusetts for supposedly conducting illegal foreclosures and misleading the homeowners. The big and reputed banks were JP Morgan Chase & Co., Bank of America Corp., Citigroup Inc Wells Fargo & Co. and Ally Financial Inc.

Martha, the Massachusetts Attorney General filed a court case against these five banks in state court in Boston for engaging in unfair and deceptive trade practices in violation of state law. During a pre conference held in Boston, Martha Coakley commented in anger that the stakes at this stage are on its limit and it could not be taken any more. The foreclosure disaster continues to be at the root of the economic chaos that we find ourselves in a situation to hardly handle it.

Martha exclaming!
Martha Coakley commented in anger that the stakes at this stage are on its limit and it could not be taken any more.

The state general attorney is also busy in negotiation with these five banks for a better conclusion that will probably settle the foreclosure practices that started more than a year ago following exposure that faulty documents were being used to grab the homes of innocent people.

The state and the federal officials are also striving hard to reach an agreement that would provide mortgage release to homeowners and set requirements for the ways mortgage servicers conduct home foreclosures and interact with borrowers.

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