It’s been three years since the big banks crashed our economy, costing millions of American families their homes, their jobs and their life savings. Their “punishment” to date: taxpayer bailouts and huge bonuses for bank executives.
All that changed today when Massachusetts Attorney General Martha Coakley put her game face on and announced the commonwealth is suing major banks and mortgage servicers for offenses ranging from predatory lending practices to outright fraud.
Coakley’s 60-page complaint is the nation’s first comprehensive lawsuit regarding the foreclosure crisis, naming major Wall Street players like Bank of America, Wells Fargo, JP Morgan Chase, and Citi, along with the Mortgage Electronic Registration System. Sounds like it might be “game over” for the big banks, after all.
Housing advocates and foreclosure victims across the state applauded the lawsuit, calling it an important first step in holding these corporate predators accountable for their role in the economic crisis:
“The Attorney General’s lawsuit is great news for the people of Massachusetts,” said Lew Finfer, who has fought illegal foreclosures for years at the Massachusetts Communities Action Network. “This action will help provide restitution for the tens of thousands of Bay State homeowners who have been victimized by the big banks’ illegal lending and foreclosure practices – along with the communities who have seen their property values and revenue streams deteriorate as a result.”
Let’s hope Coakley’s bold stand serves as an example for her fellow Attorneys General across the country. We won’t hold our breath.
See today’s press conference in full below: