Mass. AG sues five major banks over foreclosures
By Patrick Rizzo

Massachusetts' top law enforcement official has sued five top U.S.
banks, charging they foreclosed illegally on homes in the state and used
deceptive loan servicing practices, including robo-signing.

Attorney General Martha Coakley filed suit against Bank of America,
Wells Fargo, JP Morgan Chase, Citigroup and GMAC.

“The single most important thing we can do to return to a healthy
economy is to address this foreclosure crisis,” Coakley said in a
statement. “Our suit alleges that the banks have charted a destructive
path by cutting corners and rushing to foreclose on homeowners without
following the rule of law. Our action today seeks real accountability
for the banks illegal behavior and real relief for homeowners.”

Coakley's 59-page complaint alleges that the five banks violated
Massachusetts law by using fraudulent documentation, including
"robo-signing," foreclosing without holding the actual mortgage and
failing to uphold loan modification promises to homeowners in the state.
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These banker and their co-conspirators on Wall Street need to be
subjects of criminal, not civil, prosecution. Indict and arrest a few
hundred bankers and their buddies.