Nevada AG Joins 49-State Mortgage Foreclosure Group
By Nevada News Bureau
CARSON CITY – Attorney General Catherine Cortez Masto is joining a 49-state bipartisan mortgage foreclosure working group as part of a coordinated national effort by states to review the practice of so-called “robo-signingâ€� within the mortgage servicing industry.
The Mortgage Foreclosure Multistate Group, comprised of state attorneys general in 49 states, and state banking and mortgage regulators in 30 states, will explore whether individual mortgage servicers have improperly submitted documents in support of foreclosures.
Specifically, the group will look into whether companies misrepresented on affidavits and other documents that they reviewed and verified supporting foreclosure documentation. The group will also attempt to determine whether companies also signed affidavits outside the presence of a notary public, along with other possible issues regarding servicing irregularities or abuses.
“This issue affects peoples’ homes as well as the economy,� Masto said. “This probe will be thorough, expeditious, and fair to both homeowners and lenders.�
Submitting foreclosure documents without verification, with false representation, and/or signing certain legal documents outside the presence of a notary public may constitute deceptive acts and/or unfair practices, and may otherwise violate state laws and court rules.
The multistate group, through an executive committee, will contact a comprehensive list of individual mortgage servicers. The group’s initial objectives include: putting an immediate stop to improper mortgage foreclosure practices; reviewing past and present practices by mortgage servicers subject to the inquiry; evaluating potential remedies for past practices and to deter future improper practices; and establishing a mechanism for more effective independent monitoring of future mortgage foreclosure practices.
“This is a cooperative and coordinated effort to address a serious problem,� Masto said. “The group may limit, expand or change its objectives, but it won’t stray from the goal of addressing a situation that has affected and continues to affect homeowners.�
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