California to join multi-state investigation into foreclosures

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Oct. 12, 2010 – 10:56 am
Last Modified: Tuesday, Oct. 12, 2010 – 1:17 pm

California officials are joining a multi-state effort to investigate mortgage “robo-signers” – employees of lending institutions who’ve approved foreclosures without reading the documents.

Jim Finefrock, a spokesman for California Attorney General Jerry Brown, said today his office will participate in the investigation. The effort is to be led by Iowa Attorney General Tom Miller.

Brown has previously called on all lenders to halt foreclosures in California temporarily. He also issued demands to two lenders – Ally and JP Morgan Chase – to stop California foreclosures until they can show they’re following state law.

Finefrock said Brown’s lawyers are in talks with Ally and Chase. California law prohibits lenders from issuing default notices – the first step toward foreclosure – until they’ve made serious efforts to contact homeowners to see if their loans can be modified. The law applies to mortgages issued from 2003 to 2007.

Now that he is Governor he probably will not do anything. He has to “work” with the banks to help get California out of it fiscal mess. When running for office you must criticize the status quo and vow  to change it if elected. Once elected you must preserve the status quo. Its right out of the election play book.
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Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.

2 thoughts on “California to join multi-state investigation into foreclosures”

  1. MA Attorney General does nothing to help the homeowners who are victims of wrongful foreclosures. I need an ethical person who has a voice that will be heard to expose our case. The Judge ignored the facts of law, depositions and an expert witness testimony. I can’t give up but I am lost and broke after paying $40,000 in attorney fees.

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