Wisconsin Joins National Investigation Into Mortgage Industry
MILWAUKEE - State governments are trying to hanging the way the mortgage industry handles foreclosures.
It's a nationwide effort, and now Wisconsin is jumping on board.
The idea? To stop to help homeowners on the verge of losing their homes.
Top law enforcement officials across the country are investigating the mortgage industry.
Wisconsin Attorney General J.B. Van Hollen says it's a way to hold mortgage companies accountable for their mistakes, and help the homeowner.
"There were a number of foreclosure documents supposedly signed by people who signed affidavits saying that they've reviewed all the materials and they may not have," said Van Hollen.
This comes after a nationwide scandal into the accuracy of documents used to force millions of people into foreclosure.
The Wisconsin Housing and Economic Development Authority says those homeowners who are struggling need to reach out and get help now.
"In some cases, we can help you avoid foreclosure," said Antonio Riley of WHEDA. "In some cases we can get involved between
you and your lender and find some sort of meeting ground."
If the states get their way, mortgage companies will have to revamp the way they handle foreclosures, and pay for mistakes they've made.
Several banks have already reached settlements with attorneys general over allegations of deceptive foreclosure practices.
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