All 50 state attorneys general are lined up to launch a joint investigation into foreclosure practices. For some reason, the leading AG will be Iowa Attorney General Tom Miller (maybe lots of corn is the main ingredient for a powerful attorney general).
The mighty 50-headed AG army is making some bold statements: “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.”
Of course, as reported in the Business Insider Joe Weisenthal wonders Will 50 State AGs Create A “Total War” In The Housing Market?:
The problem for banks is that even if the underlying issues favor them — which is to say that most foreclosures are legitimately the result of homeowners not paying their bills — politicians are in no mood to side with them.