LOS ANGELES - California and Illinois prosecutors investigating allegations according to which, the lender Processing Services Inc., a mortgage more important of the country, processing companies engaged in the illegal practice of the "robosigning" - signature of thousands of documents for foreclosure without checking their accuracy.
The move comes top attorneys intensify the investigation into the questionable mortgage-industry practices. Monday, California Attorney General Kamala Harris set up a working group to pursue criminal and civil judgments on a wide range of mortgage fraud. Last week, Attorney General of New York Eric Schneiderman sought the records of three big banks on Wall Street in a large survey on the mortgage crisis that fueled the recession.
All 50 state AGs and federal officials also are negotiating a settlement with lenders to large bank on the mortgage practices, including the robosigning.
Attorney General of Illinois Lisa Madigan Wednesday issued subpoenas to the lender Processing Services and Inc. Nationwide title Clearing., two companies based in Florida that provide for the preparation of document "services and other services of management of ready for the largest banks and mortgage lenders. California AG Harris was assigned to the lender for processing.
Lender processing is one of the 16 banks and services that the Federal Government last month ordered to reimburse homeowners who have improperly barred to Messages left Wednesday for a representative of the company were not returned. LPS shares fell 18 cents to close at $25.16.
Title of the country said that he could not comment on the specifics at this time that he was not yet served a summons of the AG of Illinois. In a statement, the company stated that it "is behind" its assignment of mortgage documents and procedures and "intends to cooperate with the Office of the Attorney General to the extent of the law".
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