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Released: May 26, 2011
Mortgage servicers subpoenaed in foreclosure probes
Source: Brady Dennis & Dina ElBoghdady, Washington Post (Free Registration)
Attorneys general in Illinois and California expanded their investigations into problems within the mortgage servicing industry Wednesday, issuing subpoenas to companies that help manage the flow of troubled loans. The move was the latest attempt by state attorneys general to ramp up pressure on mortgage servicing firms, which for months have faced scrutiny for shoddy foreclosure practices and have been engaged in multibillion-dollar settlement negotiations with state and federal law enforcement officials. Illinois Attorney General Lisa Madigan issued subpoenas Wednesday to two Florida-based firms, Lender Processing Services Inc. and Nationwide Title Clearing Inc., seeking information about their business practices in light of allegations of “robosigning” and other shortcuts that became common within the industry.Read Full Article: Mortgage servicers subpoenaed in foreclosure probes
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