Bloomberg has video of an interview with Ohio Attorney General Richard Cordray about the probe by attorneys general in all 50 states into mortgage foreclosure practices and the disclosure by Wells Fargo & Co. that it found flaws in court documents. Wells Fargo, the biggest U.S. home lender, said it will file supplemental foreclosure affidavits to courts in about 55,000 proceedings after finding some statements “did not strictly adhere to the required procedures.” Cordray speaks with Margaret Brennan on Bloomberg Television’s “InBusiness.”
It appears that AG Cordray doesn’t have much tolerance for parties that defraud the court. In response to being questioned about Wells’ attempt to file 55,000 supplemental foreclosure affidavits, his answer was essentially — They defrauded the courts, they can’t just say ‘oops’ we withdraw our prior fraudulent evidence. They’re business model is based on fraud, designed to cut corners in the foreclosure process. They think should play by a different set of rules than every other party in every other court case in the country. They’re going to find out that they do not.