A.G. Schneiderman Introduces Legislation To Protect New Yorkers From Foreclosure Fraud

ALBANY, NY – June 14, 2012 – (RealEstateRama) — Attorney General Eric T. Schneiderman today announced the introduction of his bill in the state Legislature that would protect New Yorkers from fraudulent business practices like “robosigning” in the foreclosure process. The Attorney General’s legislation, the Foreclosure Fraud Prevention Act of 2012, will define “residential mortgage foreclosure fraud,” and impose tough new criminal penalties that include jail time for those who intentionally engage in such conduct, including managers of residential mortgage businesses who knowingly tolerate fraudulent foreclosure practices committed by their employees and agents.