For Immediate Release; Thursday December 1st, 2011

Housing Advocates, Foreclosure Victims Applaud Coakley Action Against Big Banks (Download the .pdf here)

Housing Advocates, Foreclosure Victims Applaud Coakley Action Against Big Banks Coalition calls Attorney General’s 60-page complaint a ‘bold stand’ to hold financial institutions and servicers accountable

BOSTON – A statewide coalition of housing advocates and foreclosure victims today applauded Attorney General Martha Coakley’s lawsuit against the big banks, calling the action an important first step in holding the predatory lenders and servicers accountable for their role in the economic crisis. The 60-page complaint is the nation’s first comprehensive lawsuit regarding the foreclosure crisis, naming major national banks including Bank of America, Wells Fargo, JP Morgan Chase, and Citi, along with the Mortgage Electronic Registration System. The suit alleges the institutions engaged in widespread fraud, use of false documentation, unlawful foreclosures, deceptive conduct, and corrupting the Massachusetts land recording system – amongst other charges.


“The Attorney General’s lawsuit is great news for the people of Massachusetts,” said Lew Finfer, who has fought illegal foreclosure 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.”


Last month, a broad coalition of bank-tenant organizations, faith and community groups called on Coakley to take aggressive action to address the institutions’ illegal and deceptive practices throughout Massachusetts and across the country. The statewide effort is led by Brockton Interfaith Committee, Chelsea Citywide Tenants Association, City Life/Vida Urbana, Lynn United for Change, MASSUNITING, Mass Alliance Against Predatory Lending (MAAPL), Massachusetts Communities Action Network (MCAN), Massachusetts Jobs with Justice, 1199 SEIU, Springfield No One Leaves and Worcester Anti-Foreclosure Team.


“Millions of families lost their homes, their jobs, and their life savings because of the foreclosure crisis – and the big banks have tried to push a weak settlement to avoid taking responsibility,” said Malcolm Chu of Springfield No One Leaves. “Attorney General Coakley is taking a bold stand to hold the big banks accountable for causing the economic collapse, and we hope her colleagues across the country will follow her lead.”


Major financial institutions and servicers are pushing an inadequate $20 billion settlement with Attorneys General nationwide that would absolve the banks of responsibility on a host of issues named in Coakley’s complaint. By comparison, a recent report from the financial tracking firm CoreLogic estimates American homeowners have been saddled with more than $708 billion in negative equity as a result of the bank-created housing crisis.


– ### –

About SNOL

Springfield No One Leaves is a member-led community organization dedicated to organizing families most affected by the economic & foreclosure crisis. We organize against displacement and eviction and to defend our homes and our communities. Springfield Nadie Se Mude es una organización comunitaria dirigida por nuestros miembros y dedicada a organizar residentes más afectados por la crisis económica y de ejecuciones hipotecarias. Organizamos contra desplazamiento y desalojo y para defender nuestros hogares y nuestras comunidades.
This entry was posted in Uncategorized. Bookmark the permalink.

2 Responses to For Immediate Release; Thursday December 1st, 2011

  1. Susie Richards says:

    I am dealing with BOA trying to foresclose on my home in Chicopee. Where can I get help to stop this? BOA pays no attention to my letters. BOA has failed to apply payments I have made and will not correct or acknowledge their errors (3 and mounting)! Are their any lawyers in the Occupy movement that will take my case?
    The stress is really taking it’s toll on me.

    • Malcolm says:

      Sue, Springfield No One Leaves has meetings every Tuesday evening for residents in foreclosure. At the meetings we have community support, free legal advice and volunteer attorneys. You are not alone. Our next meeting is January 17th, 2012 @ 6-8 pm at 322 Main Street.

Comments are closed.