While state attorneys general continue to work towards a settlement on robo-signing cases, investigations continue surrounding the practice.
[IMAGE] Two media outlets, ""Reuters"":http://www.reuters.com/article/2011/07/18/foreclosure-banks-idUSL3E7II1UC20110718 and ""The Associated Press,"":http://seattletimes.nwsource.com/html/businesstechnology/2015656421_apusmortgagesrobosigning.html released reports this week alleging that the practice is still prevalent in some states.
""Recent news reports indicate that Ã¢â‚¬Ëœrobo-signing' and other improper, and potentially illegal, practices continue unabated despite mortgage servicers pledging to regula-[COLUMN_BREAK]
tors months ago that they would stop,"" said Rep. Maxine Waters (D-California) in a press release Wednesday.
Sen. Sherrod Brown (D-Ohio) announced that the Financial Institutions and Consumer Protection Subcommittee will hold another hearing on robo-signing.
""Wall Street and some in Washington want us to believe that robo-signing is a thing of the past,"" Sherrod said in a statement. ""But the same risky practices that put our economy on the brink of collapse continue to infect the housing market.""
Senator Robert Menendez (D-New Jersey), chairman of the Senate Subcommittee on Housing, Transportation, and Community Development, sent a letter Wednesday to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve.
The letter requested the regulators make public information regarding steps the servicers have taken to prevent illegal foreclosure practices such as robo-signing.
Waters and several other members of Congress sent an identical letter to regulators Wednesday.