“Attorneys for the banks argued Monday that the state’s prosecution lacked supportable facts and failed to show anything but mere administrative mistakes.”
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Big lenders are back in court to fight AG’s foreclosure lawsuit
Seeking to have the remaining civil charges against them dismissed, five large national mortgage lenders and the Mortgage Electronic Registration System confronted state prosecutors in Suffolk Superior Court in Boston on Monday afternoon.
Prosecutors during a hearing argued that lenders Wells Fargo, Bank of America, JP Morgan Chase, Citibank and GMAC Mortgage, as well as MERS, should face state civil charges that they initiated foreclosures without actually holding the mortgages in question and that they corrupted land records by using MERS. Those charges were originally brought by state Attorney General Martha Coakley last December.
A number of other civil charges included in the suit were dismissed in February as part of the $25 billion nationwide foreclosure settlement with the banks. The state won about $318 million in that settlement, as well as permission to continue prosecution of the so-called “Ibanez” and MERS claims.
Rest here…
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Great interview on CNBC at noon today with EX-FDIC chairwoman Sheila Baird. Ms Baird was promoting her new book about the mortgage crisis.. She said “bailouter in cheif” Timothy Geithner was more interested in protecting Citi Bank from the American people than protecting the American people from Citibank. She said the banks still have a lot of junk on their balance sheets. It’s well worth the watch. It can probably be found on a Google search…
Just watch how fast the court drops all of the charges/complaints. Corruption is at it’s best in the court system. Just wind them up and watch them dance!!