An October 6 Bloomberg story, “JPMorgan, Bank of America Face `Hydra’ of Foreclosure Probes,” quoting Christopher Peterson, a professor of law at the University of Utah S.J. Quinney College of Law, has been reprinted, with local modifications, by numerous news outlets across the nation.
The story focuses on allegations by homeowners and Congress that lenders relied on false documents and signatures to justify hundreds of thousands of foreclosures and explains that lenders may face their greatest financial risk from state attorneys general. Peterson points out that although homeowners must show financial damage in order to prevail in a lawsuit, ““attorneys general can just sue over deceptive sales practices and get penalties.”
To date, the story has been picked up by the San Francisco Enquirer, Toledo Blade, Cincinnati Enquirer, Lincoln (Neb.) Star Journal, and MSNBC.com.