Business

Massachusetts Attorney General Martha Coakley says lenders are violating national mortgage settlement accord

Eric T. Schneiderman, New York attorney general, said he may sue.
Eric T. Schneiderman, New York attorney general, said he may sue.

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Massachusetts Attorney General Martha Coakley said the country’s largest lenders are violating parts of a $25 billion national mortgage settlement meant to help stem foreclosures by offering financial assistance and improved loan servicing for homeowners here and elsewhere.

Among other issues, Coakley alleges lenders are failing to offer help in a timely fashion, are sending borrowers inaccurate and confusing information, and have been denying denying them relief without specifying why.

She detailed her complains in a recent letter to Joseph A. Smith Jr., who is in charge of overseeing the national mortgage accord reached last year between 49 attorneys general and the five lenders — Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citibank, and Ally Financial Inc.

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