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Mass. AG Announces $36.1 Million Settlement with Barclays

legalnewsline.com | September 11, 2013

By Bryan Cohen

BOSTON (Legal Newsline) – Massachusetts Attorney General Martha Coakley announced a $36.1 million assurance of discontinuance on Monday with Barclays Bank PLC to resolve allegations of unfair securitization practices.

Barclays allegedly financed, purchased and securitized residential loans that were presumptively unfair under state law. The settlement with Barclays is part of an ongoing inquiry by Coakley’s office to unravel the complex securitization process that facilitated the proliferation of subprime loans throughout the nation and contributed to the subprime mortgage meltdown.

In actions brought against Barclays, Morgan Stanley, Goldman Sachs and Royal Bank of Scotland, Coakley’s office recovered more than $250 million related to securitization claims. The settlements funds will be used to help thousands of homeowners throughout Massachusetts.

“The troubling practices of these Wall Street securitization firms greatly contributed to the economic crisis that harmed Massachusetts residents,” Coakley said. “Today’s settlement with Barclays will help keep hundreds of people in their homes and recover more than $25 million in significant relief for borrowers who are still struggling with unsustainable subprime loans.”

Under the terms of the assurance of discontinuance, Barclays will pay more than $25 million for principal reduction and related relief for more than 450 Massachusetts subprime borrowers, approximately $2 million to compensate the cities and towns most affected by foreclosures of Barclays securitized loans, approximately $1 million to non-profits assisting with foreclosure relief efforts in the state and more than $7 million to the state.

The borrowers eligible for the settlement funds are individuals who had loans securitized by Barclays in 2006 and 2007 with a combination of high-risk features, such as introductory teaser interest rates, high loan-to-value ratios and high debt-to-income ratios.


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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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