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NC county sues banks over mortgage robo-signing

RALEIGH, N.C. (AP) – A North Carolina county is suing some of
the country’s biggest banks and a private mortgage registration
system to force them to correct shortcuts that could create legal
trouble for thousands of homeowners.

Guilford County registrar of deeds Jeff Thigpen said Wednesday
the lawsuit aims to force more than two dozen mortgage and
financial companies to clean up the problems they created in public
property records.

The problem involves several shortcuts known collectively as
“robo-signing” of mortgage documents used to prove banks have the
right to foreclose if the homeowner isn’t making mortgage payments.

Local officials in North Carolina, Massachusetts, Illinois and
Michigan said last year they found suspect mortgage documents
dating back more than a decade affecting thousands of properties.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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