MORTGAGE LOAN COMPLIANCE®

On Monday the Associated Press reported that county officials in Massachusetts, North Carolina and Michigan said they have received thousands of mortgage documents with questionable signatures since last fall. Questionable signatures or forged signatures and false affidavits, also called robo-signing, led to a temporary halt to foreclosures earlier this year. Even though banks and foreclosure processers promised to stop the practice it is still a widespread problem.

Lawmakers and enforcement agencies called for hearings and further investigation today after learning that the illegal practices are continuing. County officials who are responsible for keeping land records, including property deeds, say that they have received thousands of robo-signed documents filed in their offices since October.

"Wall Street and some in Washington want us to believe that robo-signing is a thing of the past," said Sen. Sherrod Brown, D-Ohio. "But the same risky practices that put our economy on the brink of collapse continue to infect the housing market." Sen. Brown, Chair of the Financial Institutions and Consumer Protection Subcommittee, said the subcommittee will hold a hearing on the robo-signing issue.

Rep. Maxine Waters, D-Calif., a senior member of the House Committee on Financial Services said the lenders who continue the practice "need to be investigated and prosecuted." She told The Associated Press that she believed regulators should step in and that the absence of stronger regulation is "the reason why the system broke down in the first place." She said the county officials' findings show lenders will not stop practices like robo-signing on their own.

"They have complete disregard for the damage they have already caused and have no intention of changing their ways," said Waters, who also called for more hearings on the issue.

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