Borrower Defaults Eclipsed by Robo-Signing Flap

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All 50 state attorneys general reacted swiftly and aggressively to curb mortgage servicers' practices following the disclosure that some employees "robo-signed" foreclosure-related documents. Despite the regulatory backlash, most challenges to robo-signing do not allege the borrowers are not in default. The procedures used in mortgage servicers' shops may indeed require improvement, and these improvements are underway -- but they are unlikely to lead to significantly fewer foreclosures.

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Published In: Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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