Attorney General McCollum Announces Multistate Effort to Reign in Mortgage Servicers for Deceptive and Unfair Practices
50 state effort – Investigators allege that many mortgage documents have been signed without personal knowledge of the facts asserted in the documents.
Palm Coast, FL – October 14, 2010
TALLAHASSEE, FL – Attorney General Bill McCollum yesterday announced an on-going effort to rein in mortgage servicers and protect Floridians from purported deceptive and unfair practices. Attorney General McCollum, along with 49 other Attorneys General, are part of a multistate effort to stop mortgage loan servicers from allegedly submitting affidavits or signing notices that appear to have procedural defects of either a judicial or non-judicial foreclosure.
Investigators allege that many mortgage documents have been signed without 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. This process of signing documents without confirming their accuracy has come to be known as “robo-signing” and is in direct violation of Florida law.
All 50 are joining together to form a multistate group comprised of both state Attorneys General and state banks and mortgage regulators to more effectively address the issue. The multistate group, led by Iowa Attorney General Tom Miller, plans to speak with all relevant mortgage servicers as soon as possible to determine whether or not each company has improperly submitted affidavits or signed notices in support of a foreclosure in the states. State bank and mortgage regulators are participating both individually and through their Multistate Mortgage Committee, which represents mortgage regulators from all 50 states. Florida is taking a leading role in this multistate initiative as a member of the Executive Committee of the multistate group. The Executive Committee is also comprised of the following Attorneys General Offices: Arizona, California, Colorado, Connecticut, Illinois, Iowa, North Carolina, Ohio, Texas, and Washington; and the following state banking regulators: the Maryland Office of the Commissioner of Financial Regulation and the New York State Banking Department.
Participating State Bank and Mortgage Regulators
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Arizona Department of Financial Institutions
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Arkansas Securities Department
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Connecticut Department of Banking
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D.C. Department of Insurance Securities and Banking
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Florida Office of Financial Regulation
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Idaho Department of Finance
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Illinois Secretary of Financial and Professional Regulation
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Indiana Department of Financial Institutions
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Iowa Division of Banking
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Kentucky Department of Financial Institutions
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Louisiana Office of Financial Institutions
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Maine Bureau of Consumer Credit Protection
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Maine Bureau of Financial Institutions
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Maryland Office of the Commissioner of Financial Regulation
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Division of Banks, Commonwealth of Massachusetts
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Michigan Office of Financial & Insurance Regulation
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Minnesota Department of Commerce
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Mississippi Department of Banking and Consumer Finance
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Montana Division of Banking and Financial Institutions
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Nebraska Department of Banking and Finance
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Nevada Financial Institutions Division and Mortgage Lending Division
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New Hampshire Banking Department
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New Jersey Department of Banking & Insurance – Office of Consumer Finance
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New York State Banking Department
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North Carolina Commissioner of Banks
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North Dakota Department of Financial Institutions
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Ohio Division of Financial Institutions
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Oregon Department of Consumer and Business Services – Division of Finance
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and Corporate Securities
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Pennsylvania Department of Banking
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Rhode Island Department of Business Regulation – Division of Banking
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South Carolina Department of Consumer Affairs
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Tennessee Department of Financial Institutions
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Texas Department of Banking
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Texas Finance Commission and Consumer Credit Commissioner
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Vermont Department of Banking, Insurance, Securities and Health Care Administration
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Washington State Department of Financial Institutions
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West Virginia Division of Banking
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Wisconsin Department of Banking
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Wyoming Division of Banking
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