A sign announces an open house for a home for sale in Silver Spring, Maryland.
Tweet Digg(DES MOINES,moncler jacket, Iowa) — Iowa Attorney General Tom Miller on Thursday called on three giant mortgage companies to halt foreclosure proceedings in the state while he investigates problems with documents filed with the courts.
At a news conference, Miller said his office has contacted Ally Financial — formerly GMAC Mortgage — Bank of America,cheap ugg boots, and JPMorgan Chase to urge the companies to suspend foreclosure proceedings as well as evictions and sheriff's sales in Iowa. (Read about President Obama's March 2010 foreclosure plan.)
Ally,UGGS Kopen, JPMorgan Chase and Bank of America Corp. have halted foreclosures in 23 states after evidence surfaced that their employees or outside lawyers signed important foreclosure documents, including affidavits,UGG sale, without reading them or filed inaccurate paperwork. State and federal officials have been increasing pressure on the industry over concerns about potential legal violations.
Miller said the law requires that those signing the affidavits have personal knowledge of a foreclosure proceeding,uggs outlet, but it appears that often wasn't the case.
He said he'd expand his inquiry to see if other companies used the same improper procedures. Iowa staffers will coordinate their efforts with other states that have taken similar steps and the federal government,cheap ugg boots, Miller said.
"We can be more productive if we work together as states on these kind of issues that are common to states,ugg boots classic tall," said Miller. "We are doing exactly that. We consider this a serious matter."
Miller said it's clear that mortgage companies didn't abide by state regulations.
"We have admissions that was done in a sort of mass production, almost manufactured,cheap uggs, basis. That they were being signed and not checked out," said Miller. "This is contrary to Iowa law and the consumer protection statute."
Miller said his office will examine the operations of other companies and he urged any "with anything less than absolute confidence in its internal foreclosure review procedures" to also halt foreclosures.
On Wednesday, Ohio Attorney General Richard Cordray filed a lawsuit against Ally Financial Inc. that alleges it committed fraud that may have involved hundreds of foreclosures in the state. Conrad also said he's requested JPMorgan,UGG Outlet Store, Bank of America, Wells Fargo and Citigroup to ask about their foreclosure procedures.
The concerns about foreclosures comes as many Americans are struggling to make their mortgage payments.
In Iowa alone, 2.82 percent of the 363,798 mortgage loans on record in the second quarter of 2010 were in foreclosure inventory,UGGS Online Bestellen, meaning they were eligible for foreclosure,moncler outlet, said Patrick Madigan,uggs on sale, an assistant state attorney general. Foreclosure proceedings have been launched against just under 1 percent of mortgages.
Madigan said 5.22 percent of Iowa mortgages were more than 90 days delinquent.
Chase spokeman Thomas Kelly said his company has "begun to systematically re-examine documents we have filed in current foreclosure proceeedings.
"We have requested that the courts not enter judgments in pending matter until we complete our review,UGGS Outlet," said Kelly. "We anticipate this should be complete in a few weeks."
A message seeking comment from Ally wasn't immediately returned.
Bank of America spokesman Dan Frahm issued a statement Wednesday night addressing state requests for foreclosure halts.
"Our initial assessment findings show the factual loan information underlying our foreclosures is accurate,ugg boots online," Frahm said in the statement. "I want to emphasize that Bank of America continues our exhaustive efforts to assist our customers who have been unable to make their mortgage payments."
Miller heads a 13-state group that deals with foreclosure issues,moncler clothes, and he said Iowa would take the lead in coordinating the latest effort.
Miller said part of the impetus behind the investigation were media reports about how mortgage companies handle foreclosures in Iowa.
"There appears to be an emerging pattern of careless and perhaps cavalier attitudes by a growing number of lenders when it came to the seriousness of the foreclosure process," he said.
The investigation began late last month and it's too soon to know how many people could be involved, Miller said.
Miller said his office's consumer protection division is focusing on the issue, and he urged homeowner who suspects that the foreclosure process wasn't handled properly to contact his office.
"No one should lose their home because a mortgage company cut corners on paperwork,Moncler Outlet," said Miller.
Miller said some lenders have conceded they routinely submitted unverified affidavits in foreclosure proceedings in Iowa and elsewhere. Part of the inquiry will be an investigation of foreclosure review policies, as well as verification procedures, he said.
The allegations involve employees of the companies as well as businesses that contracted to process the foreclosure procedures, Miller said.
Miller said it's unclear how many states may be involved in the issue.
See pictures of Americans in their homes.
See high-end homes that won't sell.
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