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December 13, 2011

State Sues Big Banks Over Foreclosures
Martha Coakley, the Attorney General of the state of Massachusetts, filed a lawsuit on Thursday against a handful of major US banks and mortgage lenders accusing them of "unlawful and deceptive conduct in the foreclosure process." Coakely issued a statement identifying Bank of America, Wells Fargo, JP Morgan Chase, GMAC Mortgage, and Mortgage Electronic Registration System Inc. as defendants in the case.

Coakley's statement described the suit as "the nation's first comprehensive lawsuit against the five major national banks regarding the foreclosure crisis." Coakley went on to say that she is seeking accountability for the firms' unlawful and deceptive conduct in the foreclosure process. Among the practices alleged in the suit are robo-signing, filing of false documents, deceptive practices related to loan modifications, and unlawful seizures of homes.

Representatives of the firms named in the suit declined to comment on the matter, saying they had not yet had time to review the claim.

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