Blue Mass Group

Reality-based commentary on politics.

  • Shop
  • Subscribe to BMG
  • Contact
  • Log In
  • Front Page
  • All Posts
  • About
  • Rules
  • Events
  • Register on BMG

Coakley to Big Banks: It’s On!

December 1, 2011 By massuniting 2 Comments

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:

Please share widely!
fb-share-icon
Tweet
0
0

Filed Under: User Tagged With: attorney-general, attorney-general-martha-coakley, bank-of-america, big-banks, foreclosures, jp-morgan, ma-ag, martha-coakley

Comments

  1. sue-kennedy says

    December 1, 2011 at 10:05 pm

    Gees, its good to see someone do something about these criminals.
    Have you seen the Kucinich video on the Feds $7.7 Trillion secret loan to the big banks?

    Log in to Reply
  2. stomv says

    December 2, 2011 at 7:53 am

    I’m so tired of the mentality I’ve heard over and over again that it’s 100% the lenders fault. Nonsense. Any loan failure blame must be shared between all parties — they all exercised bad judgment.

    Now, if the entire deal was above board, honest, and clear to all parties, they share blame equally and both suffer, and we use bankruptcy and foreclosure to move on. *However* if the deal was shady, dishonest, and one party didn’t follow the law, they don’t share blame equally and shouldn’t necessarily both suffer.

    I purchased a home in late 2006. The lies my mortgage broker told me would make me sick to my stomach. I knew he was lying; I have an advanced degree in financial mathematics. I could run the numbers myself. I also watched as he fudged numbers on the application to ensure I’d get a loan which was a stretch for me, and he all but outright instructed me to bribe the assessor with cash [which I did not do]. Because it was a new large development, I didn’t even have the option of using a different banker. So, based on my singular experience, I’m absolutely certain that there are plenty of distressed loans for which the banks deserve the blame and the suffering from the failed loan. Let’ em have it.

    Log in to Reply

Leave a Reply Cancel reply

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended Posts

  • Promises made, promises kept (2)
  • Why I’m Voting for Sonia (2)
  • Biden gets terrorist Al-Zawahiri (1)
  • Dems reach deal on IRA (1)
  • Great economic news today (1)

Recent User Posts

Site issue: Unable to reply to comments

August 10, 2022 By SomervilleTom Leave a Comment

Why do PUKES oppose $35 insulin for diabetics with private insurance?

August 8, 2022 By fredrichlariccia 3 Comments

Promises made, promises kept

August 8, 2022 By fredrichlariccia Leave a Comment

Schedule F

August 7, 2022 By johntmay 4 Comments

Statement by President Biden on passage of the Inflation Reduction Act

August 7, 2022 By fredrichlariccia 1 Comment

IRA passes 51- 50!

August 7, 2022 By fredrichlariccia 3 Comments

Recent Comments

  • johntmay on Why do PUKES oppose $35 insulin for diabetics with private insurance?Well, that's sad. Sure, your argument is a slam dunk wit…
  • fredrichlariccia on Why do PUKES oppose $35 insulin for diabetics with private insurance?Sorry, I'm done. Time to move on. :)
  • johntmay on Why do PUKES oppose $35 insulin for diabetics with private insurance?A hip replacement in the USA runs about $40,000, $13,500…
  • SomervilleTom on Speaker Pelosi Leads On Democracy Yet AgainIn other words, sometimes the Speaker grandstands -- and…
  • SomervilleTom on Speaker Pelosi Leads On Democracy Yet AgainIt appears that you in fact have none of the answers. It…
  • Christopher on Speaker Pelosi Leads On Democracy Yet AgainSometimes the Speaker leads Congressional delegations -…
  • Christopher on Speaker Pelosi Leads On Democracy Yet AgainI don't have all your answers, and I'm not convinced all…

Archive

@bluemassgroup on Twitter

#mapoli

susandonaldson7 Susan Donaldson @susandonaldson7 ·
39m

.@MassGovernor’s calling the 10-town gas ban provision exclusionary zoning is misleading. #MAClimateBill will make #fossilfuel free buildings accessible to low- and moderate-income households. We need #ClimateResilientHousing. #mapoli

Reply on Twitter 1557453551449800710 Retweet on Twitter 1557453551449800710 Like on Twitter 1557453551449800710 1 Twitter 1557453551449800710
tobaccofreemass Tobacco Free Mass @tobaccofreemass ·
39m

Massachusetts did the right thing long ago & divested in tobacco stocks. Can’t imagine @FindMassMoney wants their sponsored content on @BostonGlobe website next to that of Big Tobacco company Philip Morris. Shame on @BostonGlobe for profiting off the health of kids. #mapoli

Reply on Twitter 1557453508948942855 Retweet on Twitter 1557453508948942855 Like on Twitter 1557453508948942855 Twitter 1557453508948942855
maxgerman10 Max German @maxgerman10 ·
42m

Cancel Student Debt! Working families need relief now!

@massaflcio stands in Solidarity with @ewarren @AyannaPressley @JessJTang and all the people struggling to pay back crushing student debt #mapoli

Reply on Twitter 1557452703067955200 Retweet on Twitter 1557452703067955200 4 Like on Twitter 1557452703067955200 5 Twitter 1557452703067955200
joshua_d_may Joshua May @joshua_d_may ·
43m

#Affordablehousing = #climatesolution. Towns ready to lead on #FossilFuelFree bldgs must have at least 10% #affordablehousing to participate = win-win. .@MassGov sign the #MAClimateBill so ALL residents can live in #climateresilient housing. #mapoli #NetZeroForAll #NetZeroNow

Reply on Twitter 1557452485970862081 Retweet on Twitter 1557452485970862081 Like on Twitter 1557452485970862081 Twitter 1557452485970862081
massclimate Massachusetts Climate Action Network @massclimate ·
45m

#MAClimateBill requires towns wanting to ban #fossilfuels in new bldgs have zoning for #multifamily housing = this is crucial for giving ALL residents access to #climateresilient housing = win-win. Tell .@MassGov to sign #MAClimateBill. #NetZeroForAll #DontBlowItCharlie #mapoli

Reply on Twitter 1557452078477451265 Retweet on Twitter 1557452078477451265 1 Like on Twitter 1557452078477451265 7 Twitter 1557452078477451265
kfisher1981 Katherine Fisher @kfisher1981 ·
47m

.@MassGOV Affordable housing is a #climatesolution + requiring towns to have at least 10% #affordablehousing to build #fossilfuel free bldgs is key to making #climateresilient housing more INCLUSIVE. Sign #MAClimateBill! #mapoli

Reply on Twitter 1557451626562060290 Retweet on Twitter 1557451626562060290 Like on Twitter 1557451626562060290 Twitter 1557451626562060290
Load More

From our sponsors




Google Calendar







Search

Archives

  • Facebook
  • RSS
  • Twitter




Copyright © 2022 Owned and operated by BMG Media Empire LLC. Read the terms of use. Some rights reserved.