California AG To Review San Francisco Foreclosure Fraud Report

Posted by Orb Staff on February 17, 2012 No Comments
Categories : Mortgage Servicing

10956_220px-kamala_harris_official_attorney_general_photo California AG To Review San Francisco Foreclosure Fraud Report California Attorney General Kamala Harris has announced that she is reviewing a new study that found that more than 80% of San Francisco residential foreclosures violated the law.

The Associated Press reports that Harris' comments follow the release of a study by the office of San Francisco Assessor-Recorder Phil Ting of 382 residential foreclosures between January 2009 and October 2011. Ting's office found that more than three-quarters of the foreclosures were either missing documents or lacked the proper signatures required for the foreclosure to take place.

The study also determined it was possible that some homeowners were falsely accused of defaulting on loans – including loans that they had never agreed to in the first place – and that lenders who did not own the loans were driving the foreclosures.

‘The allegations are deeply troubling and, sadly, no surprise to homeowners and law enforcement officials in California,’ Harris says.

San Francisco District Attorney George Gascon is expected to review the documents from Ting's office to determine if criminal charges should be pressed. ‘Mortgage-related fraud is a top priority, and my office will prosecute those who prey on vulnerable homeowners,’ Gascon says.

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