Tuesday, October 5, 2010 –
Bay State lawyers who specialize in fighting home seizures are declaring war on the banking industry, which is admitting that thousands of U.S. foreclosure cases might involve flawed paperwork.
“Foreclosure defense and fraud litigation is going to make (1998’s $200 billion tobacco-industry settlement) look like a grocery-store slip-and-fall case,” Nantucket lawyer Jamie Ranney predicted after Bank of America halted foreclosures in 23 states over the weekend.
The moratorium, which GMAC and JP Morgan Chase launched last week, doesn’t currently include Massachusetts. But Attorney General Martha Coakley has asked lenders to add the Bay State to the list.