Multistate Talks Continue To Flounder as MA, CA Withdraw
October 10, 2011
After 11 months of negotiations, the odds that the multistate attorneys general talks with most of the nations top mortgage servicers will yield any substantive, long-term fruit seem to shrink daily, as officials from two states including one of the biggest have decided to bail, in lieu of possible independent litigation. I have lost confidence that the banks will bring to the table an agreement that properly holds them accountable for wrongful foreclosures, said Massachusetts Attorney General Martha Coakley, one of two state AGs to withdraw from the negotiations last week, along with California AG Kamala Harris. Because our office for some time has anticipated that result, we have begun preparing for litigation.