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Massive Wrongful Foreclosure Probe Set

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A group of state attorneys general are launching a joint investigation into the mortgage foreclosure mess. The probe, which will be led by the Iowa attorney general, will involve as many as 40 states.

According to a report in The Wall Street Journal, the first goal of the attorneys general wrongful foreclosure investigation will be to determine the scale of the document problems and correct them. However, some want the investigation to go beyond the robo-signing issue. For example, Arizona’s attorney general said he would like the probe to look into foreclosure proceedings that occur while homeowners are engaged in the modification process with their banks.

There is speculation that the investigation could ultimately lead lenders and servicers to agree to mass loan modifications or principal forgiveness schemes, as well as changes in the way mortgages are processed. Some lenders and servicers could also end up facing financial penalties.

The multi-state investigation follows announcements by GMAC Mortgage, JP Morgan Chase, Bank of America and other lenders that they would suspend foreclosure proceedings and foreclosure sales in some states because of problems with documentation. The allegations include claims that employees used unverified or false data to speed the foreclosure process.

News of the attorneys general investigation brought the support of the White House. However, the Obama administration does not support a nationwide foreclosure moratorium that some have called for.

“We’re supportive of getting to the bottom of the process and insuring that these banks are following the legal process for making these decisions,” White House Press Secretary Robert Gibbs told reporters today. “There are a series of unintended consequences to a broader moratorium.”

Others have also opened investigations into the foreclosure mess. The Senate Banking Committee plans to hold a hearing Nov. 16 to investigate mortgage servicing and foreclosure practices, according to its website.

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