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Fla. Gets $8.6M Share Of ‘Robo-Sign’ Settlement

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A Bank Owned sign is seen in front of a foreclosed home  (Photo by Joe Raedle/Getty Images)

A Bank Owned sign is seen in front of a foreclosed home (Photo by Joe Raedle/Getty Images)

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TALLAHASSEE, Fla. (AP) — Florida will get an $8.6 million share of a national settlement with a loan processing company over so-called “robo-signing” and other improper mortgage foreclosure practices.

Attorney General Pam Bondi said Thursday the settlement is with Jacksonville-based Lender Processing Services Inc. and its subsidiaries. The total settlement is $120 million for 46 states and the District of Columbia.

Bondi’s office says Florida’s share will go into the state’s general fund minus costs for investigation and litigation.

The settlement also requires several changes in how documents are handled. One prohibits “robo-signing,” in which a person signs foreclosure documents without first-hand knowledge as required by the law. There will also be enhanced review of fees charged in default transactions and other changes.

The settlement is being filed in Hillsborough County.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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