County recorders from across the State will announce their support in an ongoing investigation by the attorney general’s office of “robo-signing” Tuesday, July 19.
May 26, Attorney General Lisa Madigan announced her effort in the ongoing probe into the alleged fraudulent practices used by banks and mortgage institutions that contributed to the collapse of the U.S housing market and the subsequent global financial crisis.
With the attorney general’s investigation, county recorderstaken notice and are cooperating in anyway they can.
According to the Madigan’s office, fraudulent banking schemes not only jeopardize the land recordation system but may damage an individual’s property rights. It is the responsibility, as recorders, to protect the integrity of the land recordation system within our counties, the attorney general claims.
A person’s home/land is their most valuable possession and the Recorder’s office plays a vital role in property transactions as it is a library of land records for our respective counties.
Because of action by the attorney general to investigate specific companies, recorders have identified documents within their counties that demonstrate these practices.
In turn, this allows the recorders’ offices to be available to aide in the discovery process and assist the attorney general in the robo-signing investigation.
Robo-signing is the term used to describe the alleged robotic production of falsely signed mortgage-related documents without the knowledge of certain parties.