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Mortgage, foreclosure issues top AG's complaint list for the first time

Posted by Mitch Lipka  January 18, 2012 05:11 PM

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Complaints about mortgage, loan modification and foreclosure issues soared in 2011 and were the biggest source of problems for consumers who asked the state attorney general's office for help.

Complaints in that category rose more than 400 percent since 2009, Attorney General Martha Coakley's office said. Auto related complaints fell to the second most complained about category.

“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,” Coakley said. “It is further evidence that resolving this foreclosure crisis is the single most important thing we can do to restore a healthy economy."

Coakley's office last month sued Bank of America, Wells Fargo, JP Morgan Chase, Citi and GMAC -- accusing them of deceptive loan servicing and illegal foreclosures.

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About the author

Mitch Lipka is one of America's leading consumer journalists and advocates. He is an expert in product safety, recalls, scams, and helping consumers get out of jams. He is a nationally known consumer columnist and runs TheConsumerChronicle.com. He lives in Worcester. You can find him on Facebook or reach him at ConsumerNews@Aol.com

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