Make us your home page

Bill McCollum seeks meetings with lenders to stave off foreclosure crisis

Florida Attorney General Bill McCollum wants to meet in Tallahassee with five lenders embroiled in an investigation into faulty and possibly fraudulent foreclosure filings.

McCollum on Tuesday sent letters to the top executives at Bank of America, JPMorgan Chase, GMAC, PNC Financial Group and Litton Loan Servicing seeking meetings "to discuss ways to promptly and effectively redeem the integrity of the foreclosure process."

The attorney general said he was "distressed to learn from media reports" that the lenders may have filed faulty affidavits in foreclosure cases in Florida courts. "The net effect of these actions, among other things, has been to cast a shadow on the title to these properties."

Several lenders have already imposed a partial or complete moratorium on finalizing foreclosures amid a review of their paperwork. Moreover, some of the foreclosed properties with questionable titles have already been sold and resold, further stressing the housing market's recovery.

"I realize that correcting the faulty affidavits and reopening many of the foreclosure cases may take many months, even years given the state of our overburdened court system," McCollum wrote. "Florida cannot wait that long to correct the linchpin of our economic recovery — clearing the foreclosure backlog."

Rather, he said he was searching for "a creative solution" that would both restore faith in the judicial foreclosure process and maintain the viability and marketability of real property titles in Florida.

Previously, McCollum joined regulators from 39 other states as part of a State Foreclosure Prevention Working Group scrutinizing the lenders and loan servicing companies involved in the widening foreclosure crisis.

Bill McCollum seeks meetings with lenders to stave off foreclosure crisis 10/12/10 [Last modified: Tuesday, October 12, 2010 8:00pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. New apartment complex delivers unique floor plans


    RIVERVIEW — A new luxury apartment community has opened in the Progress Village area touting itself as a distinct living option just 10 miles from downtown Tampa.

    Alta at Magnolia Park dubs its new apartment community, that opened earlier this year in Riverview, a modern and distinct option for living just 10 miles from downtown Tampa.
  2. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  3. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.

  4. Grocery chain Aldi hosting hiring event in Brandon Aug. 24


    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  5. Lightning owner Jeff Vinik backs film company pursuing global blockbusters


    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]