"Meltdown" Focuses On Coakley's Proven Record Of Taking On Wall Street And Subprime Lenders And Getting Results For Massachusetts Families

Press Release

By:  Martha Coakley
Date: Dec. 2, 2009
Location: Boston, MA

Martha Coakley's campaign for United States Senate today released its fifth television advertisement of the primary election, highlighting her proven record of standing up to the Wall Street banks and predatory mortgage lenders whose excessive and unscrupulous behavior led to the recent economic crisis.

The thirty-second advertisement, entitled "Meltdown," emphasizes Martha Coakley's leadership on behalf of Massachusetts families. The advertisement can be viewed on Coakley's campaign website and on YouTube.

Coakley's record of taking on Wall Street is extensive. In June 2009, Coakley reached a $10 million settlement with Fremont General, called "America's most notorious subprime lender," in which Fremont addressed claims that it wrote 15,000 Massachusetts mortgages that were considered "doomed to foreclosure." The agreement also secured an injunction letting state officials review any of the firm's 2,200 remaining Massachusetts mortgages before foreclosure proceedings could begin. In May 2009, Coakley reached a $60 million settlement with Goldman Sachs, called the "first of its kind," in which the Wall Street giant agreed to reduce the size of subprime loans for over 700 Massachusetts homeowners. In January 2008, Coakley secured a deal with Wall Street brokerage Merrill Lynch in which the firm reimbursed the City of Springfield for nearly $14 million in losses on risky investments that it sold the city. Coakley has also been a leading advocate for loan modifications in order to allow families to avoid foreclosure stay in their homes.

Martha Coakley released Preventing Another Economic Collapse: The Need for Enhanced Financial Reform in October. Her plan includes: calling for stricter regulations for securitization, supporting the creation of a new Federal Consumer Protection Agency, and opposing federal preemption of state regulation. Coakley's plan provides for greater consumer protections, which will lead both to greater public confidence in the markets and to long-term fundamental soundness for our economy.

Coakley's national leadership role in addressing these problems in Massachusetts led to President Barack Obama inviting her to the White House in October to discuss consumer financial protections and regulatory reforms for financial institutions.

The advertisement was produced by Greer Margolis Mitchell Burns (GMMB), one of the nation's leading Democratic media consulting firms. GMMB has been working to elect Democratic governors, senators, and presidents for the past 25 years. GMMB served as a lead strategic advertising firm in Barack Obama's successful run for the presidency in 2008.

Coakley became Massachusetts' first female Attorney General in January 2007. Since then, she has established herself as a leader on a variety of issues affecting Massachusetts residents, including addressing the foreclosure crisis that has plagued so many families. As part of her Cyber Crime Initiative, Coakley revolutionized the tools available to prosecutors for fighting crime in the 21st century, ensuring that Massachusetts is on the cutting edge of public safety.

Coakley, 56, was raised in North Adams. She is a graduate of Williams College in Williamstown, MA, where she was a member of the first class admitted to the college that included female students. She received her law degree from Boston University School of Law in 1979. Coakley resides in Medford with her husband, Thomas F. O'Connor, a retired police Deputy Superintendent.