After a Reuters report and county officials in more than three states on Monday reported thousands of documents showed evidence that banks have continued the illegal practice of robo-signing, lawmakers and law enforcement agencies are demanding investigations of mortgage lenders. Senator Sherrod Brown, D-Ohio, chair of the Financial Institutions and Consumer Protection Subcommittee, plans to hold a hearing regarding the issue.
The Essex County Massachusetts property deed office reported 1,300 document filings since October with the signature of Linda Green appearing in 22 different handwriting styles and multiple titles. The Massachusetts Attorney General's office is now scheduling meetings with many of the state's deed registers' to investigate. In Guilford County, North Carolina, the county recording office reported nearly 500 documents with suspected robo-signatures. More examples are surfacing as reports of the robo-signed documents spread.
Brown's supporters are mostly of a similar mindset: if regulations are too relaxed, the housing market will face the same issues that left it crippled in the past. After the robo-signing issue arose last fall, Lenders were left to police themselves after they promised to cease the practice. But the continuing robo-signing issue is a testament that self-regulation cannot solve this problem.
This news is another potentially significant blow to mortgage lenders. Let's hope that this time, something material comes from these news allegations. Often times, finding the discrepancies in loan documentation takes extensive discovery. If you are facing a Florida Foreclosure Lawsuit and want to explore your potential foreclosure defense options, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.
