Joint Foreclosure Probe Launched By All 50 States
Joint Foreclosure Probe
Launched By All 50 States
Prosecutors in all 50 states will launch a joint probe into improperly processed foreclosures by some of the nation's largest loan servicers, according to an announcement made Wednesday, though a mandatory halt on foreclosures has not been ordered.
The collective of attorneys general, working in tandem with bank regulators, will attempt to stop recently revealed improper foreclosure practices, and will review foreclosure procedures of the lenders to come up with solutions to prevent the improper actions from occurring in the future.
The announcement was made by Iowa Attorney General Tom Miller. "This group has the backing of nearly every state in the nation to get to the bottom of this foreclosure mess, and we plan to work together as thoroughly and expeditiously as possible," said Miller.
Alabama had not been a part of the probe until Tuesday, when the state's Attorney General Troy King announced that his state would end its holdout and participate in the probe. A number of the prosecutors have already applied political pressure to lenders to voluntarily halt foreclosures after the revelation that thousands of foreclosures may have been processed without proper review.
The chief cause for concern is lenders' use of so-called “robo-signers”, or employees who signed off on thousands of foreclosure documents a day without verifying their accuracy. There has also bben questions about notarization of many documents.
Prosecutors in all 50 states will launch a joint probe into improperly processed foreclosures by some of the nation's largest loan servicers, according to an announcement made Wednesday, though a mandatory halt on foreclosures has not been ordered.
The collective of attorneys general, working in tandem with bank regulators, will attempt to stop recently revealed improper foreclosure practices, and will review foreclosure procedures of the lenders to come up with solutions to prevent the improper actions from occurring in the future.
The announcement was made by Iowa Attorney General Tom Miller. "This group has the backing of nearly every state in the nation to get to the bottom of this foreclosure mess, and we plan to work together as thoroughly and expeditiously as possible," said Miller.
Alabama had not been a part of the probe until Tuesday, when the state's Attorney General Troy King announced that his state would end its holdout and participate in the probe. A number of the prosecutors have already applied political pressure to lenders to voluntarily halt foreclosures after the revelation that thousands of foreclosures may have been processed without proper review.
The chief cause for concern is lenders' use of so-called “robo-signers”, or employees who signed off on thousands of foreclosure documents a day without verifying their accuracy. There has also bben questions about notarization of many documents.
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