On December 1,the Attorney General for the State of Massachusetts, Martha Coakley, filed a lawsuit against the five largest U.S. lending banks, Bank of America, Wells Fargo JPMorgan Chase & Co., Citigroup Inc., and GMAC, for their roles in the foreclosure crisis which has plagued the country for the last several years. This suit marks the first major legal action that has been taken against major mortgage lenders since settlement negotiations began between the nation's biggest banks and the 50 state attorneys generals in Spring 2011.
The lawsuit disappointed most of the lenders named, who have pledged to continue working towards reaching a settlement agreement with the 50 states attorneys general.. Spokesman Lawrence Grayson of Bank of America stated, "We continue to believe that the collaborative resolution rather than continued litigation will most quickly heal the housing market and help drive economic recovery." GMAC on the other hand has vowed to fight the suit in court stating, "GMAC Mortgage believes it has strong legal and factual defenses against these claims and will vigorously defend its position in court."
Nevertheless, Ms. Coakley states she had no choice but to file the lawsuit as negotiations have reached a standstill. She, and many others contend the banks have not offered any meaningful compensation while continuously insisting on extensive protection from liability for the foreclosure crises.
If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today for a complimentary case review to determine what potential foreclosure defenses may be available to you.
