Massachusetts Attorney General Martha Coakley sued five banks today for “deceptive and unlawful conduct” in foreclosures. Federal officials have attempted to get states to reach one grand settlement with the banks, but attorneys general have increasingly balked at that idea.
Coakley’s targets include Citigroup (C), Bank of America (BAC) JPMorgan Chase (JPM), Wells Fargo (WFC), and Ally Financial.
California, New York and Massachusetts have now split off from the larger pack of state prosecutors who are trying to come to a group deal. The states have been negotiating with the banks to secure a cash settlement for faulty foreclosure practices — expected to be about $25 billion — as well as possible reforms to foreclosure practices.
Read the rest of the article at Barron's
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