Massachusetts AG Sees Foreclosure Deal With Banks Likely

January 19, 2012

The Massachusetts attorney general who sued five major banks over allegedly deceptive foreclosure practices says it’s likely some states will settle with the banks.

Martha Coakley told the Greater Boston Chamber of Commerce Wednesday she’ll keep an open mind as to whether Massachusetts would accept any such agreement. She expressed concern that a settlement would include a cap — likely about $20 billion — on how much banks must spend on loan modifications.

Coakley wants assurances that Massachusetts homeowners would receive a fair share of loan modifications before a cap is reached.

Coakley sued Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and GMAC last month after more than a year of talks between the banks and the 50 states failed to produce a settlement.\

 

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