Improper Notarizations, Foreclosure Misconduct Drive Lawsuits Against Mortgage Industry To Record Levels
The number of lawsuits filed against mortgage lenders, servicers and other companies in the industry hit a record high in the third quarter of 2011, according to the most recent release of the Mortgage Litigation Index. Litigation over improper notarizations and other misconduct related to the foreclosure crisis is the number one contributor to the surge in court cases, according to the report.
The Index, which is produced by MortgageDaily.com and Washington, D.C.-based law firm Patton Boggs LLP, counted 218 lawsuits in the third quarter, a 15-percent increase from the second quarter and a 44-percent jump over the same period last year.
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