Bank Official Says Lessons Learned from Robo-SigningNovember 23, 2011 – In The News
Mark Connot commented on the recent passing of Assembly Bill 284, which took effect in October and requires that lenders filing a notice of default submit an affidavit stating they have the authority to foreclose on the property.
Connot said the law is good in that it addresses the robo-signing issue. Beyond that, it remains to be seen whether there will be any significant and long-term impact on foreclosures.
"In essence, the person signing the affidavit would be stating that the bank or lending institution has both the power and the intent to control," Connot said. "The power to control is the element that will be litigated."