NY Assembly Passes Bill To Criminalize Robosigning

Law360, New York (June 21, 2012, 9:59 PM EDT) -- The New York State Assembly on Thursday passed legislation to define residential foreclosure fraud and impose harsh new criminal penalties on mortgage business agents and employees who engage in robosigning and other practices derided as dishonest.

The bill, known as the Foreclosure Fraud Prevention Act of 2012, would make it a Class A misdemeanor for employees or agents of residential mortgage businesses 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....
To view the full article, register now.