Massachusetts Attorney General Martha Coakley has signed on to a national settlement with five major national banks over abusive foreclosure practices.
Under the terms of the deal – worked out with all 50 states – Massachusetts is set to receive an estimated $318 million.
Estimates say the average homeowner nationwide helped by the settlement will receive roughly $20,000 in total assistance.
In addition to receiving funding from the national settlement, Coakley will also press on in her own lawsuit against the five major lenders and mortgage database Mortgage Electronic Registration Systems (MERS). It’s not clear, however, how much sting will be left in the suit for banks.





