Florida attorney general: Moratorium may be 'counterproductive'
The attorney general of Florida -- the state most affected by the foreclosure crisis -- finally weighed in Tuesday on the questions about improperly prepared foreclosure documents.
In a letter to Bank of America, J.P. Morgan Chase and other lenders, Bill McCollum said he's "distressed" about reports that the companies "may have engaged in filing faulty affidavits in foreclosure cases."
These actions "have affected the integrity of title to real property for Florida's homeowners as well as the foreclosure process in Florida," he wrote.
Although he said a moratorium and private litigation are "counterproductive" given the state's already fragile economy, McCollum requested that executives from the companies come meet with him in the state capital of Tallahassee to discuss remedies.
Ariana Eunjung Cha
| October 12, 2010; 3:11 PM ET
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Posted by: lawgrace | October 12, 2010 11:19 PM | Report abuse