Yesterday, Attorneys General from all 50 states announces the largest investigation into the foreclosure practices of the nations largest banks and mortgage firms to date. The organizational push was led by Iowa Attorney General Tom Miller who will continue to head the group, now called the Mortgage Foreclosure Multistate Group.
The first order of business for the new investigative body is to look further into allegations of "robo-signers" at several of the nations largest mortgage lenders and servicers. Many legal experts have predicted that if the practice of "robo-signing" was as prevalent as alleged, heavy civil and criminal penalties could be imposed. Prior to the group forming, seven states Attorneys General have announced probes based on recent allegations of "robo-signers" at many of the nations largest mortgage lenders and the Senate Banking Committee is set to hold hearings on November 16 to investigate these foreclosure practices.
A record 95,364 homes were repossessed by mortgage lenders in August and this investigation is the latest in a rising tide of bad news for those lenders pursuing foreclosures. If you are facing a foreclosure claim, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today for a consultation
