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Massachusetts Attorney General Martha Coakley has seen mortgage and foreclosure-related complaints quadruple in her state over the past two years. In fact, the category now overshadows all other types of consumer complaints.
[IMAGE] [COLUMN_BREAK]Coakley's office counted 983 mortgage and foreclosure-related complaints last year, a 431 percent increase over 2009, according to a recent ""press release"":http://www.mass.gov/ago/news-and-updates/press-releases/2012/mortgage-and-foreclosure-complaints-quadruple.html from her office.
These complaints were reported to the state's Public Inquiry and Assistance Center Hotline as well as local nonprofits and regional offices throughout the state.
""This data confirms what we have known for some time â€" the subprime lending and foreclosure crisis is a major concern for homeowners who are often faced with losing their most valued possession,"" Coakley said.
After dropping out of the settlement negotiations between the state attorneys general and the nation's largest mortgage servicers, Coakley filed a ""suit"":http://dsnews.comarticles/massachusetts-sues-five-largest-servicers-and-mers-2011-12-01 in December against those same five banks: Bank of America, Wells Fargo, JPMorgan Chase, Citi, and GMAC.
Coakley aims to hold the banks accountable for alleged fraudulent foreclosure practices, including robo-signing.
Making housing a top priority, Coakley says, ""[R]esolving this foreclosure crisis is the single most important thing we can do to restore a healthy economy.""
