States investigate mortgage lenders

Many of you may have already heard that all fifty states are investingating the allegations of mishandled documents during this foreclosure crisis. 

"What we have seen are not mere technicalities," said Ohio Attorney General Richard Cordray. "This is about the private property rights of homeowners facing foreclosure and the integrity of our court system, which cannot enter judgments based on fraudulent evidence."

Wisconsin's Attorney General has sent letters to Ally Financial (most of you probably knew it as GMAC), Chase, and Bank of America.   The letters were sent October 7, with a response requested by Oct 15.

What strikes me as rather depressing about this is that advocates have been warning about this for years, warning about the impending crisis, about the sloppy practices, and about possible illegal activities, only to be brushed off by those in power until now.  And now those in power (not just in Wisconsin) will get the credit for "taking action" on this when the question should be, "why did you wait so long?"