Martha Coakley Brings Suit Against Big Banks

Massachusetts Attorney General, Martha Coakley, filed suit in Massachusetts state court last week against five national mortgage lenders. The suit was filed against Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and Ally Financial, and alleges that their practices employed in foreclosure proceedings were unlawful and deceptive. Despite trying to negotiate with lenders to settle the claims, Coakley stated that she had "lost confidence that the banks will bring to the table an agreement that properly holds them accountable for wrongful foreclosures." For more information on this story, please visit http://online.wsj.com/article/BT-CO-20111201-712026.html.