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Attorney General (not Florida) Sues in Order to Slow Down Foreclosures

mattweidnerlaw.com | June 11, 2014

By Matthew D. Weidner, Esq

Policymakers in Florida have decided that our state should work harder to conclude foreclosures than we are working to keep families in their homes.  Banks have been allowed to ignore meditations and any other efforts or initiatives that focus on producing real results that help families and stabilize communities.  And so what we get are more and more foreclosures completed….foreclosures that never seem to make it onto the market…

But this is not the practice across the country.  In fact, in Massachusetts, the Attorney General is suing to fight for families in foreclosure

BOSTON (AP) — Attorney General Martha Coakley has sued the Federal Housing Finance Agency and mortgage giants Fannie Mae and Freddie Mac for refusing to comply with a state law designed to stem the tide of foreclosures in Massachusetts.

The lawsuit was filed Monday in Suffolk Superior Court.

 Coakley said Fannie Mae and Freddie Mac violated a 2012 Massachusetts law that allows the sale of homes in foreclosure to nonprofit organizations who intend to restructure the loan and sell the property back to the homeowner.

Coakley said the law has worked in Massachusetts.

‘‘It just makes sense to take action that will continue to keep people in their homes,’’ Coakley said. ‘‘It makes commercial sense. It makes financial sense and it’s frankly the law and not to do it is really unfair.’’

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Back to June 2014 Archive

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