'Pervasive Fraud' Among Massachusetts Mortgages, Officials Say
'Pervasive Fraud' Among Massachusetts Mortgages, Officials Say
The register of deeds in South Essex County, Mass., told NBC News his department has uncovered 26,000 mortgage documents containing fraud.
The Massachusetts’ attorney general has filed a lawsuit against five major banks, alleging they illegally foreclosed on home owners in the state by using deceptive loan servicing practices, such as robo-signing.
The lawsuit was recently filed against Bank of America, Wells Fargo, JP Morgan Chase, Citigroup, and GMAC.
“Our suit alleges that the banks have charted a destructive path by cutting corners and rushing to foreclose on home owners without following the rule of law,” Attorney General Martha Coakley said. “Our action today seeks real accountability for the banks' illegal behavior and real relief for home owners.”
Source: “Mass. Official Tells of Pervasive Fraud in Mortgages,” MSNBC (Dec. 5, 2011)
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