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Banks agree to $2.7m foreclosure settlement with state

  

bostonglobe.com | January 19, 2015

By Deirdre Fernandes

Four national banks will pay the state $2.7 million to settle allegations that they violated Massachusetts laws and improperly foreclosed on homeowners during the housing crisis.

Bank of America, the state’s largest bank, along with JP Morgan Chase, Citi, and Wells Fargo Bank were all part of the settlement, announced by out-going Attorney General Martha Coakley.

The state accused the banks of sloppy paperwork, including robo-signing documents, and foreclosing on homes even though they didn’t have proper title to do so under state law.

“This settlement holds these four national banks accountable for violating state law and cutting corners in the foreclosure process,” Coakley said in a statement.

Since banks packaged and sold these home loans, distressed homeowners struggled to get answers from the correct mortgage holder before they were foreclosed upon. And in cases some cases banks failed to proper title to the foreclosed property before reselling it, causing the new homeowners to have problems selling the home later.

Under the terms of the settlement, the banks will pay $700,000 to the attorney general’s consumer aid fund to provide assistance to borrowers, while the remaining $2 million will be paid into the state’s general fund.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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