NY AG Pens Legislation To Criminalize Robosigning

Law360, New York (June 14, 2012, 4:18 PM EDT) -- New York Attorney General Eric T. Schneiderman on Thursday introduced new legislation to define residential foreclosure fraud and impose harsh new criminal penalties on agents and managers who engage in robosigning and other dishonest practices.

The bill, known as the Foreclosure Fraud Prevention Act of 2012, would make it a Class A misdemeanor to knowingly prepare or file false documents in a residential foreclosure action, punishable by up to a year in jail and a $1,000 fine.

It would also make multiple acts of robosigning, or...
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