Nevada Foreclosure Filings Drop After Anti-Fraud Law Takes Effect
This is from a month ago but I think I missed it somehow, and it is important:
Foreclosure filings have fallen off sharply in Nevada, just one month after a state law designed to cut down on foreclosure fraud took effect.
Nevada has long been an epicenter of the national foreclosure crisis, with thousands or tens of thousands of distressed properties entering the foreclosure process every month for years. The sudden drop in foreclosure filings with the advent of the new law suggests that shoddy bookkeeping and conflicts of interest may have been widespread, raising concerns on the national level.
According to HousingWire, the new law imposes a $5,000 fine on fraudulent practices like robo-signing, the term for when banks cut corners while processing mortgage paperwork, often by signing it without reading it first.