Newport Beach, CA (PRWEB) December 06, 2011
Progress on legal challenges against the nation’s five most significant mortgage lenders are facing a main legal challenge in Massachusetts is a constructive sign for relief-looking for home owners foreclosed on in Massachusetts in the course of the housing crisis according to Vito Torchia, Jr., managing attorney of Brookstone Law.

According to media coverage, in the first such lawsuit filed by a state, Massachusetts Atty. Gen. Martha Coakley claims that Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and GMAC Mortgage utilized fraudulent documentation in the foreclosure processes, took back properties with out showing they owned the actual mortgages, and failed to uphold loan modification promises to borrowers in the state.

We applaud the Massachusetts attorney basic for lastly coming to the help of foreclosure victims and holding banks accountable for their systematic mismanagement, lack of due diligence and ongoing record of foreclosures without having following the rule of law,” stated Vito Torchia, Jr.

According to media coverage, the Massachusetts action represents a new challenge against the mortgage sector by increasing stress on banks to strike a deal with a coalition of Attorneys Basic in search of relief for shoppers allegedly wronged by faulty mortgage servicing practices. The suit could also serve as a blueprint for other individual states to file actions.

This case could have considerable repercussions throughout the nation and especially in California, exactly where our Attorney Basic has just begun to concentrate on the harm banks have done to homeowners in our state, stated Vito Torchia, Jr.

According to media coverage, negotiations for a deal of up to $ 25 billion between the banks, attorneys basic and federal agencies was expected to have been reached by now but talks have dragged on for much more than a year.

“This is a vitally important legal development that will most likely give State Attorneys General who want to go right after the banks a blue-print of how to do it,” stated Vito Torchia, Jr. “But without suitable and professional legal counsel, property owners will likely not be able to obtain the leverage in their negotiations they need to have to hold the banks accountable for their unlawful conduct.

In addition to criticism from customer groups and homeowners nationwide, media coverage consists of reports that New York, Delaware, Nevada, Massachusetts, Kentucky and Minnesota all signaled that they have been unhappy with the path of the talks with the banks, following issues that the banks have been getting let off too easily.

While several home owners are becoming unfairly foreclosed upon, the banks are negotiating a settlement that favors them and hurts shoppers, and they cant even do that appropriate. This is an appalling circumstance that ignores shoppers all through California and the nation who require support now, said Vito Torchia,Jr. Now far more than ever is the time for property owners to have powerful legal counsel to take benefit of these developments and at the very same time safeguard property owners rights.

According to media coverage, California Atty. Gen. Kamala Harris formally walked away from the negotiations soon after meeting with bank representatives in Washington, concluding that what they have been offering was not excellent enough for residents of the state. Given that then, proposals to attempt to entice her back to the table have been floated, as California is noticed as crucial to forging a powerful settlement. Harris has subpoenaed info from Fannie Mae and Freddie Mac as part of an inquiry into lending and foreclosure practices in the state. Her workplace lately subpoenaed Bank of America and its mortgage arm Countrywide Financial, along with Citi, searching for information on their practices selling mortgaged-backed securities in California.

“Rather of the controversial answer getting created by the banks and the federal government, this lawsuit and the improvement of actions by so a lot of State Attorneys Generals show that a 50-state settlement is not preferable to the states and most surely not to consumers, mentioned Vito Torchia, Jr. Soon after the harm they have brought on, and continue to trigger, banks do not deserve to have these concerns solved by way of a enormous and unfair federally-mandated settlement.”

ABOUT BROOKSTONE LAW, Pc 
Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Computer is a law firm comprised of attorneys with encounter and accomplishment in business, corporate and individual finance, employment, entertainment and media, art and museum, intellectual house and real estate law. The firm has a network of much more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative employees dedicated to serving consumers. For info, get in touch with (800) 946-8655 or check out Brookstone Law.com(http://www.brookstonelaw.com).

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