Missouri Attorney General Chris Koster is now a part of a collective group of nationwide attorneys general attempting to address improper bank foreclosure.
“The concern about whether all foreclosures have been properly handled is an important question for consumers and regulators alike,” Koster said in an Oct. 13 news release. “I believe it is prudent for the attorneys general to determine the scope of the problem and any actions needed to protect consumers, as well as the integrity of the system.”
The bipartisan group is working under the name The Mortgage Foreclosure Multistate Group.
A joint statement issued Oct. 13 by the group was included in Koster's news release.
The group is seeking to uncover facts related to a number of mortgage loan services that submitted affidavits with procedural defects. Initial findings allege foreclosure affidavits have been signed by persons who didn't have personal knowledge of the facts in the documents, while some have been signed without the presence of a notary public, according to the statement.
The group - composed of 49 attorneys general, along with state bank and mortgage regulators - believes the act of signing documents without accuracy confirmation, or "robo-signing," to be a violation of state laws.
Some loan providers have temporarily stopped certain services to review their practices.
On Oct. 8, Bank of America issued a news release stating the company would stop foreclosure sales until an assessment of foreclosure documents to all fifty states had been completed.
JPMorgan Chase & Co. also stopped services in some states.
The multistate group is scanning mortgage service providers to determine the scope of alleged false affidavits, the results of which will determine the scale of the investigation.[[In-content Ad]]
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