Ohio has some pretty stiff penalties per incident for filing false affidavits or documents.
That's one way to bring some revenue back to your state without having to borrow it.
How fitting is it to that the banks are the reason the states have lost so much revenue.
“You’re going to see a tremendous amount of activity with all the AGs in the U.S.,” Ohio Attorney General Richard Cordray said in an interview. “We have a high degree of skepticism that the corners that were cut are truly legal.”
Title insurers will be “on the hook if foreclosures are reopened,” Henning said. “The title insurers will be going after the banks or whoever assured them there was a clear title.”
While homeowners in those states and elsewhere must usually show damages to win a lawsuit, “attorneys general can just sue over deceptive sales practices and get penalties,” said Christopher Peterson, a University of
Utah law professor who specializes in commercial and contract law.
In Ohio, penalties include fines of up to $25,000 per violation, with each false affidavit or document considered a violation, according to state law enforcement officials. In Iowa, fines rise to a maximum of $40,000 for each violation.
Foreclosure Freeze
This penalty would apply to “every instance of an affidavit that was filed improperly or every time facts were attested to that weren’t true,” Cordray said
