Politics

Fla. Wins $8.6M In Foreclosure Malpractice Settlement

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(Source: CBS4)

(Source: CBS4)

Legislative Session Coverage

TALLAHASSEE (AP) — The state will get an $8.6 million share of a national settlement with a loan processing company over improper mortgage foreclosure practices, included “robo-signing”.

Attorney General Pam Bondi said Thursday the settlement is with Jacksonville-based Lender Processing Services Inc. and its subsidiaries. The total settlement is $120 million for 46 states and the District of Columbia.

Bondi’s office says Florida’s share will go into the state’s general fund minus costs for investigation and litigation.

The settlement also requires several changes in how documents are handled. One prohibits “robo-signing,” in which a person signs foreclosure documents without first-hand knowledge as required by the law. There will also be enhanced review of fees charged in default transactions and other changes.

(TM and © Copyright 2013 CBS Local Media, a division of CBS Radio Inc. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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