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Attorney General's News Release

October 13, 2010

Attorney General Koster says Missouri part of AG working group on foreclosure concerns

Jefferson City, Mo. -- Attorney General Chris Koster said today Missouri is part of a working group formed by 49 Attorneys General from across the country to gather information on the scope of problems with bank foreclosures as well as determine appropriate actions that should be taken.

"The concern about whether all foreclosures have been properly handled is an important question for consumers and regulators alike," Koster said. "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 Attorneys General working group issued the following statement today:

JOINT STATEMENT OF THE MORTGAGE FORECLOSUREMULTISTATE GROUP

It has recently come to light that a number of mortgage loan servicers have submitted affidavits or signed other documents in support of either a judicial or non-judicial foreclosure that appear to have procedural defects. In particular, it appears affidavits and other documents have been signed by persons who did not have personal knowledge of the facts asserted in the documents. In addition, it appears that many affidavits were signed outside of the presence of a notary public, contrary to state law. This process of signing documents without confirming their accuracy has come to be known as "robo-signing." We believe such a process may constitute a deceptive act and/or an unfair practice or otherwise violate state laws.

In order to handle this issue in the most efficient and consistent manner possible, the states have formed a bi-partisan multistate group to address issues common to a large number of states. The group is comprised of both state Attorneys General and the state bank and mortgage regulators. Currently 49 state Attorneys General have joined this coordinated multistate effort. State bank and mortgage regulators are participating both individually and through their Multistate Mortgage Committee, which represents mortgage regulators from all 50 states. Through this process, the states will attempt to speak with one voice to the greatest extent possible.

Our multistate group has begun inquiring whether or not individual mortgage servicers have improperly submitted affidavits or other documents in support of foreclosures in our states. The facts uncovered in our review will dictate the scope of our inquiry.

 



 
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