17 new state AGs to take office, may accelerate foreclosure investigation
According to the results of Tuesday's elections, 17 states will get a new attorney general in 2011, which could mean quick action on the nationwide AG investigations into foreclosure practices. Most notably, Ohio AG Richard Cordray lost his bid for another term Tuesday. Cordray has launched several investigations into lender practices during the foreclosure crisis, most recently a lawsuit again Ally Financial's (GJM) GMAC Mortgage unit for allegedly improper foreclosure filings. In an interview with HousingWire earlier this week, Cordray said simply replacing the affidavits won't fix the problem. With Cordrary having a few months before Mark DeWine takes office, some believe the lawsuit and the cooperative investigation could accelerate. Cordray's office did not immediately respond to requests for comment. Iowa AG Tom Miller, who is spearheading the 50-state investigation announced in October, won his election Tuesday as did Lisa Madigan in Illinois and Martha Coakley in Massachusetts. "My office will investigate whether other banks engaged in such practices because these failings involve much more than mere technicalities," Madigan said when her investigation into Ally Financial was announced in October. With California AG Jerry Brown winning the gubernatorial race in the Golden State, Obama-backed Kamala Harris won Brown's vacated spot. Connecticut AG Richard Blumenthal and New Hampshire AG Kelly Ayotte, additional leaders on the foreclosure probe, were both elected to the Senate. With 14 new AGs winning elections Tuesday, an election to come in Maine and two AGs publicly stating they would step down, 17 new state AGs will take office in January, according to the National Association of Attorneys General. For a complete list of the AG election results go here. Write to Jon Prior.