Mortgage and Foreclosure Complaints Quadruple at MASS AG's Office

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Mortgage and Foreclosure Complaints Quadruple at MASS AG’s Office

Mortgage and Foreclosure Complaints Quadruple at MASS AG’s Office

Now Ranks First in Number of Requests for Assistance to AG’s Office and Mediation Programs

BOSTON – Mortgage and foreclosure related complaints have quadrupled over the past two years to become the number one reason consumers contacted the Attorney General’s Office for assistance in 2011, Attorney General Martha Coakley announced today during a speech before the Greater Boston Chamber of Commerce. 

The Public Inquiry and Assistance Center (PIAC), Local Consumer Programs (LCP) and regional offices across the Commonwealth combined to handle 983 complaints reporting issues with mortgages, foreclosures and loan modifications in 2011, representing a 431% increase since 2009. For the first time ever mortgage complaints ranked first in 2011, outnumbering those related to auto sales, leasing and defective auto parts by 164 (see graph below).

“This data confirms what we have known for some time – the subprime lending and foreclosure crisis is a major concern for homeowners who are often faced with losing their most valued possession,” said AG Coakley. “It is further evidence that resolving this foreclosure crisis is the single most important thing we can do to restore a healthy economy. Our office has filed legislation to comprehensively address this issue and brought a landmark suit against the banks seeking real accountability for their unlawful conduct and relief for homeowners.”

In December, the AG’s Office filed the first comprehensive lawsuit to address the foreclosure crisis by seeking to hold banks accountable for illegal and deceptive conduct. Filed against Bank of America, Wells Fargo, JP Morgan Chase, Citi and GMAC, the lawsuit sues the banks for their role in allegedly pursuing illegal foreclosures on properties in Massachusetts as well as deceptive loan servicing.

[MASS.GOV]

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