March 24, 2017

Attorney Generals Unite Against Foreclosure Fraud

Today the Attorney Generals from all 50 states announced an investigation into fraudulent practices of mortgage lenders. The 3 largest mortgage lenders, JP Morgan, Bank of America, and Ally Financial (formerly GMAC), have suspended all foreclosure proceedings within the past 3 weeks. Homeowner attorneys have accused the lenders of forging signatures and also failing to adequately notarize foreclosure documents. The multistate investigation announced today will specifically look into whether mortgage lenders purposefully partook in these fraudulent practices. Hefty fines exist for such fraud, including a $25,000 fine for each violation, so the lenders will likely try to dismiss the accusations as technical mistakes.

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