State Officials to Explore Mortgage Foreclosure Practices Page 1 of 2

10/13/2010
Media Release

Conference of State Bank Supervisors

1155 Connecticut Avenue, NW, Fifth Floor, Washington, DC, 20036

State Officials to Explore Mortgage Foreclosure Practices

WASHINGTON, D.C.—State Attorneys General, state mortgage regulators, and state bank regulators have
established a group to address foreclosure practices conducted by some mortgage servicers. State bank and
mortgage regulators are participating in the multistate working group both individually and through the Multistate
Mortgage Committee (MMC). The MMC was formed in 2008 as a result of the states desire to improve the
coordination, sophistication, and efficiency of state regulatory mortgage examinations. The committee is made up
of 10 members elected by the Boards of CSBS and AARMR. The committee reports to both Boards. In addition,
37 state financial regulators are participating directly.
In recent days, it has become apparent that a number of mortgage loan servicers have submitted affidavits or other
foreclosure documents that appear to have procedural defects. In addition, many affidavits may have been signed
without a notary public being present. The multistate working group believes such practices may constitute a
deceptive and unfair practice in violation of state laws, and this group has already begun to work directly with
mortgage loan servicers to determine whether any such violations have occurred.
“This announcement illustrates states’ ability to coordinate our efforts to protect consumers,” said John Ryan,
CSBS Executive Vice President. “The foreclosure process in the various states is designed to ensure a basic level
of due diligence and accountability occurs before taking an action that has dramatic implications for homeowners
and communities. Our priority is to ascertain if violations of state law occurred, to re-establish confidence in the
integrity of the foreclosure process, and take appropriate action to protect the rights of consumers and homeowners
affected.”
The multistate working group’s statement can be viewed here.

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http://www.csbs.org/news/press-releases/pr2010/Pages/pr101310.aspx?PF=1 1/7/2011
State Officials to Explore Mortgage Foreclosure Practices Page 2 of 2

Media Contact: Catherine Woody, Senior Director of Communications, cwoody@csbs.org or 202.728.5733.

The Conference of State Bank Supervisors (CSBS) is the nationwide organization for state bank regulation,
representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico, and the Virgin
Islands. State authorities supervise approximately 6,000 state‐chartered financial institutions. Further, the majority
of state banking departments also oversee mortgage providers and other financial service providers. CSBS is also
responsible for improving the quality of state bank supervision by providing performance evaluation and
accreditation programs for the banking departments, as well as supervisory education and training programs for
state personnel.
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http://www.csbs.org/news/press-releases/pr2010/Pages/pr101310.aspx?PF=1 1/7/2011