Home Foreclosure News: Investors Want Resolution of Probe into the Practice of “Robosigning”
Robosiging has investors clamoring for a resolution to the probe into foreclosure practices by lenders across the country. According to a report today on Bloomberg.com:
All 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures.
Home Foreclosure: What is Robosigning?
It’s the practice of employees of loan servicers signing documents to advance a foreclosure.
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As a result, many homeowoners who were foreclosed on have cried foul, saying that their homes were illegally foreclosed on. In October, large banks put a halt on foreclosures across the country. And, although many lenders have resumed the the foreclosure process, it’s left a trail of angry homeonwers, confused legislators, frustrated would-be buyers . . . and now investors.
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Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author