Mortgage change sought

From Newsobserver.com.

In North Carolina, Attorney General Roy Cooper’s office is reviewing the state’s top 15 mortgage companies’ foreclosure processes to make sure they are fair and legal. The state has also joined a multistate investigation into the management of the foreclosure process by mortgage servicers. …

The fact that some loan-servicing companies are now having their business practices called into question is largely the result of a growing cooperation among attorneys who represent consumers, said O. Max Gardner III, a bankruptcy lawyer in Shelby.

He said it costs about $5,000 to take a deposition these days, money most homeowners facing foreclosure do not have.

“It’s a very expensive proposition,” Garner said. “I think the decision was made that these line workers, ‘robo signers’ if you want to call them that, that they would probably tell the truth if they were put under oath about what they were really doing. They probably didn’t really know that much about what they were doing from a legal point of view.”