The future of foreclosures and robo-signing after the elections

The future of foreclosures and robo-signing after the elections

The Tuesday's election raises questions as to the future of the efforts made by the state attorneys general in their investigations over paperwork anomalies believed to taint thousands of foreclosures.

Half of the 12 members of the 50-state joint probe executive committee are now nearing the end of their terms as new attorneys general for the states of Ohio, Arizona, California, Florida, Connecticut and New York are expected to be sworn in by January.

For instance, the defeat of the Ohio Attorney General Richard Cordray to Mike DeWine raises concerns of whether the efforts of the outgoing attorney general in the suit it filed against Ally Financial for alleged foreclosure improprieties, would be continued by the newly elected state attorney general once the latter sits in the office.

Next to Tom Miller, Iowa's state attorney general, Cordray is considered one of the most prominent in the committee for his active pursuit in discovering the extent of the entire foreclosure controversy. But Miller said that despite his colleague's election loss, the foreclosure investigation will continue.

He added that the change in the composition and political leadership of the committee will not affect their work and efforts that they have already put into the investigation. The common goal, he stressed, is still to get to the bottom of the things and work out a solution to deter the irregular and improper practices in the industry.

But he also admits that the investigation's progress may be affected in the succeeding months as a transition between members has to be done in order to orient the new members to the whole investigation efforts. Notwithstanding this challenge, Cordray is positive that the team will be making new developments soon.

He stressed that the change only involves a change in people and hardly involves anything substantial. The 50 state attorneys general remain committed to their objective to uncover any violation of the law and put a stop to improper practices.

The National State Attorneys General Program at Columbia University agrees that the replacement of people is a natural process that cannot be totally avoided. In the end, the attorneys general themselves would be the only ones to decide where to focus their energies and resources.

However, it also points out that Miller is a key player in the whole investigation since he is the one who is going to hold the team together.

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