Bloomberg News

Nationwide Title Clearing Sued by Illinois Over Documents

February 03, 2012

(Updates with attorney general’s comment in fourth paragraph.)

Feb. 2 (Bloomberg) -- Illinois Attorney General Lisa Madigan sued Nationwide Title Clearing InC., a Florida company she claims caused the filing of faulty documents with county clerks.

“The practices that NTC used were a key contributor to the mortgage crisis by undermining the integrity and accuracy of the mortgage servicing and foreclosure process,” Madigan said today in a statement.

Nationwide Title Clearing prepares documents for mortgage servicers to use against borrowers in default, foreclosure and bankruptcy, Madigan said. Among the documents are mortgage assignments used by lenders in foreclosures.

The case was filed today in state court in Chicago.

Diane Stein, a spokeswoman for Nationwide Title, based in Palm Harbor, Florida, didn’t immediately return a call seeking comment on the lawsuit.

The case is Illinois v. Nationwide Title Clearing Inc., 12CH03602, Illinois Circuit Court, Cook County, Chancery Division (Chicago).

--Editors: Charles Carter, Stephen Farr

To contact the reporter on this story: Andrew Harris in Chicago at aharris16@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net


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