Despite Robo-signing Settlement MA AG Coakley’s Suit Goes Forward

In December, 2011 Mass Attorney General Martha Coakley filed suit against five national banks in connection with their roles in allegedly pursuing illegal foreclosures on properties in Massachusetts as well as deceptive loan servicing. While the national robo-signing settlement extinguished some of the Mass claims, Coakley got a carve-out over certain types of claims in the suit.

Coakley’s “carve out” to the agreement allows her office to continue to pursue further relief in the courts against the banks over two Massachusetts-specific issues. Those claims include initiating foreclosures without holding the actual mortgages (so-called “Ibanez” violations) and allegedly corrupting the land recording system through the use of the Mortgage Electronic Registration System (MERS). The agreement will settle all other claims made as part of AG Coakley’s lawsuit against the five banks filed on December 1, 2011.

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