Will Big Banks Pay Up?
Attorney General Martha Coakley broke out the big guns yesterday, filing a lawsuit against three of the nation’s largest banks for allegedly deceptive foreclosure practices.
The Herald reports that Coakley isn’t naming her price, but could join other states in a “global settlement said to be worth $28 billion,” which is just slightly more than the bank’s profits since 2008.
Here in Boston, foreclosures have translated into a lot of anger, a few sit-ins, a lot of 99 percent rhetoric, and at least one frustrated city department. For months now, one of those banks, Wells Fargo, has been near the top of the Inspectional Services list of ne’er-do-wells.
If only maintaining foreclosed properties was as rubberstampable as actually foreclosing them.
But at least Wells Fargo has got billionaire investor Warren Buffett in their corner.
On an unrelated note: Am I the only one who wants to see a rich-old-man fight between Buffett and News Corps’ Rupert Murdoch? Buffett called him out a few months back. Let’s make this thing happen.