"Massachusetts on Wednesday said it is preparing to sue big banks related to unlawful foreclosures, dealing another blow to the multi-state talks aimed at resolving those investigations on a national scale.
"I have lost confidence that the banks will bring to the table an agreement that properly holds them accountable for wrongful foreclosures," Massachusetts Attorney General Martha Coakley said in a statement.
Federal and state officials met with representatives of several large U.S. banks this week with hopes of reaching a deal in the coming weeks.
Mortgage servicing units of Bank of America Corp (BAC.N), JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N), Citigroup (C.N), and Ally Financial are accused of coping with an unexpected deluge of mortgage defaults beginning in 2008 by cutting corners and unlawfully rushing through foreclosure paperwork"....................READ MORE
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