The Association of Mortgage Investors said securities trustees should conduct an investigation “in the wake of reports about serious irregularities in the processing of legal affidavits by the nation’s largest mortgage servicers” when foreclosing on homes.
Mortgage-bond trustees should probe whether loan servicers are doing their jobs “properly” and “audit and review the resulting losses to hold servicers accountable for negligence in maintaining the assets of trusts,” the Washington-based trade group said today in an e-mailed statement.
The group said missteps could affect the investments of “millions of American pensioners and retirees” and also asked bond trustees to make sure that loans that were sold to mortgage-bond trusts without the proper documents are repurchased.
“Investors are deeply concerned about possible documentation inconsistencies related to mortgages,” Chris Katopis, the group’s executive director, said in the statement. “It is vital that trustees promptly address these matters.”
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