Banks to Offer Toll-Free Number for 'Robo-Signing' Victims

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Banks being sued for illegal foreclosure practices are preparing to launch a toll-free number meant to enable them to contact the practices' victims, The Wall Street Journal reports.

The effort by the banks is a response to pressure from regulators who have ordered 14 lenders to revamp their foreclosure practices after finding that they were filing foreclosures with inadequate documentation and without properly reviewing borrowers' cases. Some of the practices have been dubbed "robo-signing," a reference to indiscriminately signing foreclosure paperwork without reading it.

The toll-free number will be shared between the banks because regulators have required that lenders set up a single process to review improper foreclosure cases, the paper reported.

Read the full Wall Street Journal story at WSJ.com.

Also see:
Soldier Buys Back Parents' Foreclosed Home (Video)

Viewpoint: What's Behind Banks' Big Foreclosure Push?

101-Year-Old Foreclosure Victim to Get Home Back


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