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The Boston Globe



Banks won’t get off that easy in Mass.

Nobody at the White House got served when Attorney General Martha Coakley announced a blockbuster lawsuit against five of the biggest mortgage banks in Massachusetts last week. But it’s the folks whose continued employment hinges on next year’s election, and not the banks who were hit with allegations about rampant foreclosure fraud, who should really be worried about the suit.

Massachusetts isn’t suing Bank of America, JP Morgan, Citigroup, Wells Fargo, and GMAC because a couple lawyers in the AG’s office just discovered that banks have been using shoddy paperwork to seize Bay State residents’ homes. Coakley sued because the homeowners who’ve been bearing the brunt of the foreclosure crisis shouldn’t also get abused by a nationwide legal settlement that will end most of the banks’ foreclosure liabilities.

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