Alert October 19, 2010

Attorneys General Issue Joint Statement on Foreclosures

The Attorneys General of all 50 states and certain state bank and mortgage regulators issued a joint statement on the mortgage foreclosure process. The statement addresses the practice of mortgage loan servicer employees signing affidavits and other foreclosure documentation without confirming the accuracy of such documentation (so-called "robo-signing"). According to the statement, all 50 states are concerned that robo-signing may constitute a deceptive act, an unfair practice, or some other violation of state law. In order to address the practice, the states have formed a bi-partisan multistate group comprised of both state Attorneys General and state bank and mortgage regulators. The group will attempt to coordinate state corrective actions. Click here for the joint statement.