The Blog

STATE ATTORNEYS GENERAL MEETING TO DISCUSS MORTGAGE INVESTIGATIONS
Frustrated with the pace and lack of progress with settlement discussions with banks over foreclosures, several state Attorneys General met in Washington this week to discuss the investigations into the mortgage and foreclosure industries and possibilities for future investigations that might be helpful to the situation. Massachusetts Attorney General Martha Coakley was involved in the meeting, speaking of her own investigation, and about the ongoing litigation against North Carolina-based Bank of America, New York-based JPMorgan, Citigroup Inc., Wells Fargo & Co. and Ally Financial, Inc. Also under discussion was Delaware’s lawsuit against Mortgage Electronic Registration Systems Inc. (MERS), and Nevada’s lawsuit against Bank of America, according to an undisclosed participant. Over the weekend, four smaller servicers were contacted by the Justice Department in an effort to include them in any settlement agreement reached with the major banks. This will certainly bear watching in the coming months as any agreements reached would affect foreclosures and mortgages in the future.